1. FAQ
  2. Guide to Islamic Banking

FAQs

What is Islamic Banking? What is Sohar Islamic? When was Sohar Islamic established and how many branches does it have? How does Sohar Islamic provide banking services compatible with Islamic Sharia?What is the Sharia?What are the Sources of Sharia? What is Fatwa? What is the difference between Islamic and Conventional Finance? What is Sharia Supervision? What is Sharia Supervision Bored? How can a conventional bank be allowed to offer Islamic banking? How can I be sure that all products offered by Sohar Islamic are Sharia compliant? Why did Sohar Islamic choose an independent brand from Bank Sohar? What are the positive characteristics of Sohar Islamic services and products and how do they differ from other providers of Islamic financial services? Has Sharia Supervisory Board approved all products? Is Sohar Islamic allowed to use the capital of Bank Sohar? What is Riba? Why Islam has prohibited Riba? Does Sohar Islamic really apply Sharia? What is your response to those who say that your work is similar to the work of other banks? What are the differences between Sohar Islamic and conventional banks? What is the difference between the interest system and the profit system? What are the products and services offered by Sohar Islamic for individuals? What are the products and services offered by Sohar Islamic for companies and institutions? How is profit made on saving accounts or fixed term deposit accounts at Sohar Islamic? What price and in which currency are profits paid? What is the difference between a mortgage loans offered by commercial banks or the purchase of a dwelling under the "Ijara" product Ijara Muntahia Bittamleek from Sohar Islamic? What is Murabaha for purchase order? What is Mudaraba? What is Deposit? What is Musharaka and Diminishing Musharaka? What is the concept of Ijara and Ijara Muntahia Bittamleek? What is Istisna? Are the products and services provided in Sohar Islamic limited to Muslims only? What currencies do Sohar Islamic deal with? How can I open account with Sohar Islamic? Can I open a joint account in Sohar Islamic? Can I open an account for a minor in Sohar Islamic? Are there special restrictions on the movements and withdrawals from saving accounts? How to apply for Murabaha financing to by a car? Should I transfer my salary to the bank to get Murabaha financing “Car purchase”? Can I apply for Goods Murabaha finance? Can I get an approval for financing from Sohar Islamic to buy any goods by Murabaha? Do I own a financed property during the finance period? What benefits come to me when i get a finance to purchase of house throw Islamic way? If I want to make an early settlement, do I have to pay the remaining amount in full? Which finance has the longest tenor? What is the maximum amount allowed for financing? What is the minimum age required to apply for home financing? Do you finance a property under construction? How do I apply for home finance? Can you tell me the benefits and document required to obtain home finance from Sohar Islamic? What is the finance amount I can get to buy a car and how much is the monthly installment? Can I get auto finance if I have another financing? Do I need a driving license to get Murabaha Auto Finance? Does Sohar Islamic deal with all agents in Oman? Can I sell the car during the installment period? What are the benefits of getting car financing from Sohar Islamic? What are the periods / type of deposits that Sohar Islamic deal with? Can you tell me about the Sharia Board in Sohar Islamic?