MUZN OPENS WINDOW TO THE WORLD WITH NEW SHARI'A-COMPLIANT TRAVEL FINANCE
Expanding travel horizons have never been easier. With Muzn Islamic Banking's new Shari'a-compliant product your dream destinations are now within your reach. Simple affordable installments that cover the cost of airfare, hotel booking, airport transfers, and even excursions and sightseeing are on offer wikth Muzn Travel Finance. Customers can choose to travel with a list of pre-approved travel agents, or select their own.
Salima Obaid Issa Al Marzouqi, Acting Head of Islamic Banking at NBO, said, "We are committed to offering products and services that meet our customers' evolving needs while respecting the values and principles they live by. Muzn Travel Finance opens up new travel horizons while adhering to the highest level of Shari'a compliance. Travelers now have an option to travel to their dream destination with affordable financing without compromising on their values."
Muzn Travel Finance is based on the concept of Service Ijarah, whereby the bank acquires services from the travel agent or travel service provider of the customer's choice provided they adhere to the bank's pre-determined criteria. Under the arrangement, the service provider is appointed to provide the services to the customer for a service cost paid by the bank. Subsequently, the bank leases the services to the customer for a price to be paid by the customer to the bank in installments. They can be used for a range of trips including leisure, business or medical tourism.
The offer is open to anyone aged between 21 to 60 years old who earns a salary of OMR 500 per month and above. One hundred per cent financing value is available but the maximum personal financing amount is also subject to the applicant's Debt Burden Ratio (DBR). The product also comes with a Takaful life insurance coverage.
In addition to Travel Finance, Muzn offers a comprehensive range of banking products including auto financing, home financing, current accounts, and privilege banking, among others. The bank offers innovative, competitive and quality Islamic banking products and services while ensuring they are accessible to all.