Maisarah Islamic Banking Services to fund construction of Muscat hotel

In keeping with its strategic growth plan and efforts to fund large-scale projects throughout Oman, Maisarah Islamic Banking Services signed an agreement with Shaza Oman to fund the construction of its flagship five-star hotel in Muscat.

The financing agreement was signed by BankDhofar's acting Chief Executive Officer Abdul Hakeem Al Ojaili; Al Madina Real Estate CEO Abdul Rahman Ba Omar; and GLOREI CEO Mohammad Al Ghassani. Also at the signing were Shaza Muscat Chairman Khamis Mubarak Al Kiyumi; Maisarah Chief Islamic Banking Officer Sohail Niazi; and other bank officials.

“We at Maisarah continue to be the leading provider of Shariah-compliant products and services for both retail and corporate customers," Faisal Al Tamimi, head of wholesale banking at Maisarah Islamic Banking Services, said. "This agreement comes as part of our broader strategic plan and continuous efforts and to provide tailored financial solutions to our diverse customer base.”

Under the agreement, Maisarah will finance the five-star hotel that is under construction by Shaza Oman Company SAOC. The project is in Al Khuwair, adjacent to Muscat Grand Mall, and is slated for a soft launch in December.