Alizz Islamic Bank has signed an agreement with Oman Educational Services (OES) to finance the expansion of German University of Technology in Oman (GUtech)’s facilities and student accommodation. OES is the owner company of GUtech.
As per the agreement, the financing facilities will be used for the construction of an additional academic building at GUtech campus, a 400-room student on-campus accommodation building, and the completion works for the conference and exhibition centre, as well as the development of Mahara research centre, GUtech’s research centre, said a bank release.
This is the first agreement of its kind in which OES acquires Sharia-compliant financing. The agreement was executed by the project finance team at Alizz Islamic Bank, which has extensive experience in providing financial solutions that comply with the principles of Islamic Sharia. The signing of this agreement is in line with Alizz Islamic Bank’s strategy to support and finance various projects in the Sultanate and contribute to the growth of the economy.
The agreement was signed by Alizz CEO, Salaam bin Said Al Shaksy, and OES CEO, Dr Hussain bin Sulaiman Al Salmi. The signing ceremony was attended by a number of officials from the two organisations.
“Backing the Sultanate’s educational institutions is an important part of our strategy and we are happy to be part of this initiative that will help this sector to grow and thrive. Alizz Islamic Bank is a strong example of how Islamic financial institutions can support the growth of the educational sector which is crucial for the development of the country,” said Al Shaksy.
“We have developed a variety of Sharia-compliant banking products and services that meet all the financing needs of government and corporate operating in Oman,” he added.
“Alizz Islamic Bank offers the strategic financial solutions that our organisation requires and we are delighted to be affiliated with them. Partnering with Alizz Islamic Bank will help us fulfill our growth plans and boost facilities for our students and stakeholders to continue to their academic journey,” noted Dr Al Salmi.
Alizz Islamic Bank offers various structured financing solutions that are designed to meet all the development requirements in various sectors such as in the oil and gas, infrastructure, transport, manufacturing, education, healthcare, tourism and hospitality.