Maisarah to finance 5-star hotel project in Muscat

11October2015 Maisarah signs an agreement with Shaza Oman to finance 5-star hotel project in Muscat

Part of its strategic growth plan and continuous efforts to finance large-scale projects across the Sultanate, Maisarah Islamic Banking Services signed an agreement with Shaza Oman to finance the construction of its flagship 5-star hotel in Muscat.

The agreement was signed by Abdul Hakeem Al Ojaili, Acting CEO of BankDhofar, Eng. Abdul Rahman Ba Omar, CEO of Al Madina Real Estate, and Eng. Mohammad Al Ghassani, CEO of GLOREI. The signing ceremony was also attended by Eng. Khamis Mubarak Al Kiyumi – Chairman of Shaza Muscat, Sohail Niazi, Chief Islamic Banking Officer – Maisarah, and a number of officials from both sides.

Faisal Al Tamimi, Head of Wholesale Banking Maisarah Islamic Banking Services, reaffirmed Maisarah’s position as the partner choice for such large-scale projects that contribute to the development of the national economy and boost the tourism and hospitality sector. “We at Maisarah continue to be the leading provider of Shariah-compliant products and services for both retail and corporate customers. This agreement comes as part of our broader strategic plan and continuous efforts and to provide tailored financial solutions to our diverse customer base,” he stated.

As per the agreement, Maisarah is to finance the 5-star hotel that is currently being constructed by Shaza Oman Company SAOC. The project is located in Al Khuwair, adjacent to Muscat Grand Mall (MGM). The hotel comprises of standard rooms, executive rooms, suites, ballroom, themed restaurants, among other facilities. The hotel is to be managed by the prestigious Millennium & Copthorne Hotels and is scheduled to have a soft launch during December 2015.

Showing an impressive growth since the start of its operations in 2013, Maisarah has been recognised for its commitment to lead the Islamic finance market in the Sultanate, earning prestigious awards from leading international organisations including the ‘Islamic Bank of the Year – Oman 2015’ award by The Banker, the ‘Best Islamic Banking Window – Oman 2015’ award by the London based International Finance Magazine (IFM), , ‘Best Islamic Community Support Bank 2014’ by Global Financial Market Review and ‘Best Islamic Window in Oman 2013’ by Global Financial Market.

Maisarah offers a wide range of Shariah-compliant financial solutions, products and services that cater to the various needs of its retail and corporate customers. It provides products and services from 5 dedicated branches located in Azaiba, Salalah, Sohar, Birkat Al Mouz and Al Hail. As part of its future growth strategic plan, Maisarah plans to distinguish itself by focusing on prominent customer service, developing and launching new products, and investing in technology to provide the best customer experience in timely and convenient manner.


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