Bank Nizwa, the Oman-based Islamic lender, has signed an OR19.5 million ($50.6 million) agreement for Shari’a-compliant financing facilities with Raysut Cement Company.
The facilities consist of long-term financing of OR12 million, working capital of OR3 million to Raysut Cement Company at Salalah and OR4.5 million for construction and expansion of Sohar Cement Factory.
The agreement is part of Bank Nizwa’s commitment to contribute to Oman’s economic diversification strategy and feed into private and public sectors’ growth with focus on the manufacturing industry. Raysut Cement Company is based in Salalah and holds a 40 percent share in the Omani cement market.
Sheikh Abdul Hafidh Salim Al Barami, vice chairman of Raysut, said: “Bank Nizwa and Raysut Cement Company are two Press Release powerhouses in their respective sectors. We are confident this collaboration will positively impact our businesses. The secured Shari’a-compliant banking facilities will set us for stronger and rapid growth and help us solidify our position as the largest cement manufacturer in the sultanate.”
Since inception, Bank Nizwa has been at the forefront of Islamic banking and finance in the Sultanate, providing innovative corporate and retail Shari’a-compliant banking and finance propositions.
Contributing to the economic diversification efforts led by the Omani Government, the bank expanded its services to cater to SMEs, corporate and commercial customers, while providing tailored services across diverse local market segments and industries.
Source Arabian Business