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Personal Finance

Make your wishes come true!

Tailored to meet the needs of individual customers, our focus is on making the payment process as simple as possible.

The quick and easy choice

As Oman’s first Islamic bank, we understand that there are times you need help to meet your short-term commitments – without compromising your long-term financial wellbeing.That is why Bank Nizwa Personal Finance, based on the Shari’a concept of Murabaha/ Ijara, offers a lot more than just wide variety and flexibility in repayment options – it offers complete transparency and peace-of-mind too.

Key Features

  • Shari’a-compliant personal finance product based on the concept of Murabaha & Service Ijarah
  • Financing available for procuring personal goods and services
  • Apply easily through any of our branches spread across the Sultanate.
  • No hidden charges
  • Fixed profit rate till maturity.
  • Available to salaried individuals only
  • Highly competitive profit rates.
  • Transparent & fast processing
  • No requirement for down payment.
  • Option for early settlement
  • Payment period up to 10 years / 120 months.
  • Available for Omani & Resident Expatriates

Eligibility Criteria

  • Available for both Omani nationals & Resident Expatriates.
  • Minimum Age: 18 years.
  • Available for Salary Transfer Customers only.
  • Minimum Salary: OMR 300.
  • Maximum Age at Finance Maturity: Up to 60 years for regular customers and up to 70 years for Pensioners.

Fees & Charges

Description Total Amount (with VAT)
Processing Fees OMR 26.250
Credit Life Takaful Arrangement Fees 0.05% of the finance amount with a minimum of RO 5.25 and maximum of RO 78.75
Late Payments Donations to be made to the Bank’s Sharia Supervisory Board’s approved charity institutions at a rate stipulated in the financing contract.

Requirements

  • Identification Documents:
    • Copy of Oman National ID card / ID Cards for GCC Nationals / Resident ID Card of Expatriates
    • Passport with valid visa for Expatriate /GCC Passport copy.
  • Application Form:
    • Financing Application Form (Promise to Purchase for Goods Murabaha or Promise to Lease for Ijara)
    • Account Application Form (For all new customers)
  • Proof of Income:
    • Original Salary Certificate (Validity is 30 days)
    • Salary Transfer Letter from employer addressed to Bank Nizwa
    • Bank Statements of previous 6 months
    • Copy of Employment Contract for Oil & Gas and Construction Sector (if applicable)
    • Pay slip for last 3 months (If variance in net salary credited to bank is 10% or more)
  • Proof of Residence:
    • Copy of Utility Bill or any other proof of Residence e.g., Tenancy contract copy
  • Additional Documents:
    • Original Quotation Letter addressed to Bank Nizwa (valid for 10 days only).

For Education Services Ijarah Finance:

  • Higher secondary certificate (of the student)
  • University acceptance letter including: program name, program code, and program fee
  • Program duration
  • University banking details (required if direct dispersal is requested)
  • Quotation from the university with the stage payment of each semester

For Construction Services Ijarah Finance:

  • Blueprint of the house, approved by relevant Government agency
  • Copy of Title Deed / Mulkiya / Krooki
  • Valuation of property from the approved list of valuators
  • Construction legalization (Ebahaa) and maps copy (in case of construction)
  • Advisory letter and contractor agreement (in case of construction)

FAQs

  • Why take Home Finance from Bank Nizwa?
    Shari’a-compliant product, transparent pricing & charges, and quick processing & approvals.
  • Are there special arrangements with dealers/agents?
    Yes. We have arrangements with dealers/agents to ensure hassle-free processing and quicker approvals.
  • How do I avail Bank Nizwa Personal Finance?
    Simply walk into any of our branches and our Personal Banking Officer will guide you through the steps. Alternatively, you can call 24950500 for more information.

IFIN

Salaried Customers of Bank Nizwa can now get Islamic Finance through IFIN platform in just 10 minutes!

How does this work?

Customers of Bank Nizwa can visit any of retailers partnered with IFIN and submit their application there. All they need is their ID card and the mobile registered with the Bank. The credit decision takes about 20 seconds where the application can be either instantly Approved (where customer can complete the process within minutes) or Referred (where the Bank’s credit team will need to decide to whether approve or reject the application). If the application is “Approved”, the customer can sign the finance agreement at the retailer’s store.

Furniture

  • Middle East Furniture
  • A & H
  • ID Design
  • Danube Home
  • Fahmy Furniture
  • Enza Home
  • Muscat Furniture International
  • Homes R Us
  • Luxury Homes
  • Arina Home
  • HUB Furniture
  • Turkish Market
  • Home Centre

Tyers

  • Bridgestone
  • Oman Car Tools

Electronics

  • Sky Orbits
  • Gadgets Oman
  • Mustafa Sultan Electronics
  • A & H
  • Emax
  • Emax
  • FoneZone

Building Materials/ Cement Manufacturer

  • Teejan Equipment
  • Al Madina Cement Products
  • Bridge Stone
  • My Window
  • Al Kidha Development
  • My Stosa
  • Integrated solution

For more details on IFIN – Instant Personal Finance, please contact us on 24950500.

Key Fact Statements (KFS)



All Bank Nizwa products and services are approved by the Shari’a Supervisory Board.

Lease of Services Murabaha.

For more information call 24950500 or visit any of our conveniently located branches.

Disclaimer: Bank Nizwa products and services will be made available at the sole discretion of Bank Nizwa SOAG; subject to Bank Nizwa’s Terms and Conditions for Shari’ah Compliant Account Operation and upon submission of documentation acceptable to Bank Nizwa.

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