Alizz Islamic Bank Expands IFIN Instant Finance Service to Mustafa Sultan Electronics | Oman weather
Muscat: Alizz Islamic Bank has extended “IFIN” instant finance services to Mustafa Sultan Electronics. Alizz Islamic Bank and IFIN had previously joined forces to launch “IFIN” services at all Danube Home branches in Oman. This expansion results from the peak of customer interest in availing this hassle-free and instant financing service for them.
Mustafa Sultan Electronics offers its customers a variety of consumer electronic equipment, medical and industrial equipment, consumer and industrial lighting, communication equipment, information technology, office equipment, defense equipment, restaurants, foreign exchange, insurance, real estate, entertainment, air conditioning, logistics and other products.
The “IFIN” service is an instant finance service unique to Oman and was launched by Alizz Islamic Bank earlier this year, allowing clients to obtain finance for goods in just ten minutes. This service allows customers to instantly bring home the goods of their choice such as furniture, luxury items, accessories, health appliances and household appliances from the store, funding them for up to 120 months without having to need to go to a bank branch.
The process of obtaining financing has been streamlined to a simple 10-minute process at the store checkout, where the customer will go through an online verification process and sign the financing contract after immediate approval. IFIN is based on the Islamic concept of Murabaha goods, where the bank purchases the goods desired by the customer from the authorized dealer and sells them to the customer at an agreed price which is paid in installments. It offers full transparency because the customer knows the profit margin and the payment plan of the bank at the time of signing the contract. This arrangement allows immediate possession and ownership of the goods by the customer who never pays more than the agreed amount.
Customers with monthly income of OMR 350 and residents with monthly income of OMR 800 are eligible for the finance service with a maximum limit of OMR 15,000. In addition to this facility, 100% financing of the value of the goods is also available. This facility is also available for working people and the self-employed.
Alizz Islamic Bank and IFIN have partnered with Danube Home to launch this unique instant finance product in the Sultanate as IFIN is the first company to provide this Sharia Compliant FinTech solution in the world.
Commenting on the expansion of this financing service, Mohammed Al Ghassani, Deputy Managing Director, Director of Consumer Banking at Alizz Islamic Bank said, “Alizz Islamic Bank prides itself on making the lives of its customers easy and flexible through products. and the financing services it provides. The bank has focused heavily on improving its product portfolio to meet customer requirements. Alizz Islamic Bank is also committed to achieving its goal of becoming the leading provider of Islamic financial banking services in the Sultanate by providing the best services and innovative banking solutions. The main strategic objective of the bank is to provide an exceptional and high quality customer experience through the continuous improvement of its services using the latest digital technologies.
Alizz Islamic Bank is seeking to enter into a partnership with various institutions in the Sultanate to facilitate the financing of its clients to include other types of financing such as auto financing, retail stores and other products for which clients have need approvals and quick procedures to implement.