Oman Benefits from First Fintech Solution for Instant Goods Financing Based on a Murabahah Structure 

Oman now has available an instant ‘Goods Financing’ product in the country. Launched by Alizz Islamic Bank on the Islamic Finance Initiation Network (IFIN), the financing solution is based on a Murabahah concept, whereby the bank purchases goods wanted by a customer from the authorised dealer and then sells those goods back to the customer. The customer settles the bank at an agreed price that is paid for in instalments.

Why it Matters?

Availing finance has now been made instant through a 10-minute process at a store’s check-out counter. The customer must sign the financing contract after having gone through an online verification process that requires approval. The benefit is that customers can instantly take home the products they w...