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Service Ijara
Winning services, at your service.
Sohar Islamic Ijarah Finance enables you to benefit from services pertaining to education, travel, healthcare and marriage expenses, to help you achieve your lifelong goals.
Financing up to 100% of value
Competitive profit rates
Maximum tenure of up to 120 months
The Service Ijarah finance product is designed to provide customers with financing to acquire needs; whether it is for an unexpected medical condition, finance for education, travel or wedding etc. This personal finance (Service Ijarah) product is based on the Islamic financing principle of 'Ijarah' for the services. In Service Ijarah, the Bank will have 'agreements' with various service providers, whereby the Bank leases the services required by the customer directly from the provider and sub-leases it to the customer.
Terms & Conditions:
- Finance is subject to the Bank’s approval and internal policy.
- The customer must provide complete and accurate information.
- The approved finance amount, tenor and profit rate will be stated in the Finance Agreement.
- The customer must pay the monthly instalments on time.
- The Bank may request additional security or guarantees if required.
- Early settlement or partial settlement may be subject to fees.
- The Bank may revise fees and charges after notifying the customer.
- In case of default, the Bank may take legal action and recover all outstanding amounts.
- Any delay amount collected shall be credited to charity after deduction of actual administrative expenses.
Approved by Shari’a Supervisory Board
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FAQs
A Shari’a-compliant finance facility based on approved Islamic contracts such as Murabaha or Ijarah to meet personal needs.
Omani nationals and expatriates meeting the Bank’s minimum salary, age and employment requirements.
Valid ID, salary certificate or salary transfer letter, bank statements and any additional documents requested by the Bank.
Salary transfer may be required depending on the product type and the customer profile.
The finance amount and tenor depend on the customer’s income and eligibility as per the Bank’s policy.
Yes. Early settlement is allowed subject to the Bank’s policy and applicable fees.
Any late payment amount will be transferred to a charity account after deducting actual administrative expenses in line with Shari’a principles.