National Bank of Oman (NBO) and its Islamic Banking Window, Muzn are offering several options for deferments on financing facilities as part of their efforts to help customers who are impacted by the spread of the Coronavirus (COVID-19) pandemic.
Committed to stand by the people of Oman, the bank is providing customers who are navigating the current circumstances, whether they have been directly or indirectly affected by the pandemic with a financial aid package covering all retail loans / Islamic Housing finance that includes a 3-month deferment or a 3-month waiver. The bank also gave those who opted for the Eid deferment an early deferral in order to ease the added financial pressure in April. In addition, starting from next week, customers can apply for loan / finance deferments through NBO and Muzn mobile app making access to financial relief just a few clicks away.
The COVID-19 deferment and waiver are for a period of three months, from May to July 2020, with applicable terms and conditions, and includes a 3-month deferment with no interest / profit for Omanis with reduced salaries working in the private sector. Applicants must fit specified criteria, which includes delayed salary, increase in expenses, other income having stopped, or forced leave without pay. Earlier this year, the bank and its Islamic Banking Window Muzn also started to offer 12-month waivers with no interest / profit and no fees for Omanis who have experienced job loss.
NBO has reached out in various ways to support the nation in its efforts to combat the outbreak, including an OMR 1 million donation to the Ministry of Health’s Endowment Fund and the provision of important medical supplies to healthcare facilities. With the safety and wellbeing of the community as its highest priority, the bank is ready to meet people’s banking needs and support the country as it weathers the pandemic.