Bank Nizwa recently signed a Memorandum of Understanding (MoU) with Oasis Trading and Equipment Company to extend financing to the company’s customers and help them in buying Caterpillar machines in Oman. The agreement was signed by Khaled Al Kayed, CEO of Bank Nizwa and Bashar Ahmed Aref Al Barghouthi, General Manager of Oasis Trading and Equipment.
As per the agreement, Bank Nizwa will be providing structured Islamic financing facilities to customers of Oasis Trading and Equipment Company to enable them to buy ‘CAT’ machines at subsidised rates. As a company with over 60 years of experience in the Middle East, Oasis Trading and Equipment Company deals in various CAT machinery, heavy equipment, and power systems, which are used for a wide variety of applications, including earthmoving, building and construction, mining, road making, demolition, waste and scrap handling, electric power generation, and marine propulsion.
In line with Bank Nizwa’s growth strategy and contribution to the Sultanate’s economic diversification goals, the Wholesale Banking Group offers services to an extensive range of clients in the construction, marine, oil and gas, infrastructure, power generation, healthcare, tourism, logistics amongst many more. CAT and its equipment cater to all these key sectors. Many customers rely on CAT’s products to advance sustainable progress and improve living standards. The MoU will, therefore, provide a significant impetus to several key projects in various sectors where the company provides its services, particularly to Small and Medium Enterprises (SMEs) to buy CAT machines and equipment at competitive finance costs.