Expanding travel horizons has in no way been easier. With Muzn Islamic Banking’s new Sharia’a-compliant solution, your dream destinations are now inside your attain. Simple inexpensive installments that cover the expense of airfare, hotel booking, airport transfers, and even excursions and sightseeing are on supply with Muzn Travel Finance. Customers can select to travel with a list of pre-authorized travel agents, or pick their personal.
Salima Obaid Issa al Marzouqi, acting head of Islamic Banking at NBO, mentioned, “We are committed to offering products and services that meet our customers’ evolving needs while respecting the values and principles they live by. Muzn Travel Finance opens up new travel horizons while adhering to the highest level of Sharia’a compliance. Travelers now have an option to travel to their dream destination with affordable financing without compromising on their values.”
Muzn Travel Finance is primarily based on the notion of Service Ijarah, whereby the bank acquires solutions from the travel agent or travel service provider of the customer’s option supplied they adhere to the bank’s pre-determined criteria. Under the arrangement, the service provider is appointed to supply the solutions to the client for a service expense paid by the bank.
Subsequently, the bank leases the solutions to the client for a value to be paid by the client to the bank in installments. They can be employed for a variety of trips which includes leisure, company or health-related tourism.
The supply is open to anybody aged in between 21 to 60 years old who earns a salary of RO500 per month and above. One hundred per cent financing worth is obtainable but the maximum individual financing quantity is also topic to the applicant’s Debt Burden Ratio (DBR). The solution also comes with a life insurance coverage coverage.
Muzn also provides a complete variety of banking goods which includes auto financing, residence financing, present accounts, and privilege banking, amongst other individuals. The bank provides revolutionary, competitive and high quality Islamic banking goods and solutions whilst making certain they are accessible to all.
Information Source: Muscat Daily