BankDhofar’s Islamic banking window, Maisarah, has announced the launch of a new product for its corporate customers – working capital or mudaraba finance.
The product is based on the Islamic financial principle of mudaraba that allows the customer to utilise funds made available through the facility, within the agreed limits, as and when required whilst Maisarah shares the profit generated by the customer’s business in accordance with a pre-agreed profit-sharing ratio, a press release said.
Faisal al Tamimi, head of corporate banking, said, “The introduction of working capital finance will help our clients meet their business requirements by having a product which will support businesses in meeting their short-term requirements and day-to-day business transactions. We are the first bank in Oman to offer such a unique financing tool in addition to many other products to meet all type of business transactions. Our objective is to have all varieties of products to cater to all kinds of financing solutions for our corporate customers under Sharia’acompliant structures.”© Copyright - Muscat Daily