Home Finance & Commercial Finance Deferment FAQs

HOME FINANCE & COMMERCIAL FINANCE FAQS:

1. Who is eligible for this Deferment?

All customers that have a salary below 1,500 OMR and a Home Finance (Ijarah/Diminishing Musharakah) or a Commercial Finance (Ijarah/Diminishing Musharakah) Facility are eligible for the deferment

2. Are all types of financing covered under the Deferment?

Only Home Finance (Ijarah/Diminishing Musharakah) or a Commercial Finance (Ijarah/Diminishing Musharakah) are eligible for the deferment.

3. Am I eligible for this Deferment?

If you meet all of the following conditions you are eligible:

1. Your salary deposited in your account with Alizz Islamic Bank is below OMR 1,500

2. You are not currently availing any other deferment on your financing

3. You are regular in the payment of your monthly installments

4. I am eligible. How do I apply to defer my finance installments?

Step One: Download the Alizz Islamic Bank Mobile Banking Application from the Google Play Store or the Apple App Store

Step Two: Register to the Alizz Islamic Bank Mobile Banking Application

Step Three: Go to ‘My Requests’ and Select ‘Installment Deferral’

Step Four: Follow the Required process, review and agree to the terms & conditions and enter the OTP received

5. How will I know that my request has been accepted & processed

You will receive a confirmation message from the Bank with the necessary information.

6. Does this 3 month deferment include April?

No, it does not. The deferment is for May, June and July

7. Why did you not include customers with salaries above 1,500 OMR?

After strategic analysis of the adverse circumstances of the ongoing COVID-19 pandemic and its affects the data showcased that customers with salaries below 1,500 OMR and with finance facilities are the ones that may be affected by it and as part of our efforts to support these customers we have offered them the option to defer their installments

8. When is the last day for applying for deferment?

· The last day to apply for 3 months deferment is May 12th 2020

· The last day to apply for 2 months deferment is June 12th 2020

· The last day to apply for 1 month deferment is July 12th 2020

9. If I apply in June or July will I get the same 3 months?

No if you apply before 12th June 2020 you will only get 2 months deferment and if you apply before 12th July 2020 you will only get 1 month deferment.

10. Will this result in a change in my Estimated Monthly Installment?

Yes, there will a change to your full finance term and you will be informed of your new EMI accordingly

11. Do I still have to pay life and property takaful?

Yes, you will have to pay the monthly Life & property Takaful contributions for the deferment period upfront in order to process the deferment request