Home Finance (Construction)

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We at Alizz Islamic Bank are proud to help you turn your dream home into reality with our Home Finance. Constructing your own home couldn't be any easier as we take pride in helping you realize your dreams with Shari'a compliant financing that gives you a host of benefits.

  • Open to Omanis & Expatriates
  • Easy processing and simple documentation
  • Up to 25 years financing options
  • Finance up to 80% of property value
  • Applies to properties under construction
  • Maximum finance amount of OMR 450,000
  • Available to employed and self-employed individuals
  • Minimum salary transfer of OMR 350 for Government employees and OMR 350 for employees of private companies.

Diminishing Musharaka

Under the scheme, Alizz Islamic Bank will enter into a Diminishing Musharaka Agreement with the customer, whereby; each party contributes into the Musharaka Capital with a certain percentage to construct the asset jointly. The bank's and the customer's common portions in the Musharaka asset shall be divided into equal shares.

Upon completion of the construction of the property, the bank shall start selling its share to the customer through sale of the Bank’s shares. The customer shall purchase shares of bank's portion from time to time by paying the sale price in installments. Accordingly, at the maturity of the Musharaka, the Bank's portion in the asset shall transfer to the customer, thereupon; the customer shall be deemed the sole owner of the asset.

Forward Ijarah

Forward Ijarah is a form of lease which ends with transferring the ownership of the asset (subject of the contract) to the customer on maturity and upon meeting all its obligations under the Forward Ijarah Contract. The property, which does not exist at the time of signing the Forward Ijarah Contract, may be acquired by the bank under Istisna Sale Contract or any other Shari'a compliant mode of finance with the developer/contractors. At the end of the construction period the property is delivered to the customer as per the terms of the lease agreement. At the end of the lease term (i.e. on maturity) and upon meeting all obligations under Forward Ijarah Contract, the bank will transfer the ownership of the property to the customer for a token sale price under a separate sale contract.

  • No Objection Letter
  • Salary Transfer Letter to be addressed to Alizz Islamic Bank
  • Salary Certificate (Gross Salary & Date of Joining)
  • Outstanding letters addressed to Alizz Islamic Bank
  • Salary Slip of 4 Months (If available)
  • Stamped bank statement of last 6 months

Additional required documents

Terms & Conditions Apply

Click on the relevant links below to print the forms that you require. For your convenience, these forms are to be completed and submitted prior to visiting the Branch, along with the relevant documents for further processing.

Download Form

Approved by Shari'a Supervisory Board
All Alizz Islamic Bank products and services are approved by Shari'a Supervisory Board.

To view the fatwa issued by Shari'a Supervisory Board authenticating compliance of the product please check the following link: Certificate