Oman Arab Bank and Oman Housing Bank Sign Agreement to Provide Liquidity Under the “Iskan” Program to Accelerate Housing Finance for Citizens

Oman Arab Bank and Oman Housing Bank Sign Agreement to Provide Liquidity Under the “Iskan” Program to Accelerate Housing Finance for Citizens

Muscat – Sultanate of Oman:

As part of its efforts to support social empowerment and enhance the quality of life for Omani citizens, Oman Arab Bank has signed a strategic partnership agreement with Oman Housing Bank to provide liquidity under the “Iskan” program — a national initiative aimed at accelerating the processing of subsidized housing loan applications for citizens on the waiting list.

The signing ceremony was attended by Mr. Moosa bin Masoud Al-Jadidi, CEO of Oman Housing Bank, and Mr. Suleiman bin Hamed Al-Harthi, CEO of Oman Arab Bank.

This agreement reflects Oman Arab Bank’s ongoing commitment to playing a pivotal role in urban and social development across the Sultanate by offering innovative financing solutions supported by advanced digital infrastructure and high-quality customer service. Through this partnership, Oman Arab Bank will officially join the “Iskan” digital platform starting Sunday, May 11, 2025, enabling citizens to submit applications directly through its branch network under the same terms approved by Oman Housing Bank.

The program allows eligible citizens to obtain subsidized housing finance up to OMR 60,000, while those seeking to purchase residential units in Sultan Haitham City or integrated city projects implemented by the Ministry of Housing and Urban Planning can receive financing of up to OMR 80,000, in accordance with the conditions set by Oman Housing Bank.

Oman Arab Bank will begin receiving and evaluating housing finance applications under the program after fully training its staff on the platform’s procedures and electronic processing system to ensure a smooth and integrated customer experience.

The bank’s participation adds significant value to the program, leveraging its extensive banking expertise and widespread presence across Oman’s governorates, which will enhance service accessibility and help reduce waiting times — in alignment with Oman Vision 2040 goals for housing development and sustainable urban growth.

Since its launch, the “Iskan” program has succeeded in reducing waiting times from several years to less than six months, through a fully integrated digital process that automatically loads eligible applicants based on seniority and sends them SMS notifications with a direct application link, ensuring transparency and efficiency.

The alliance between Oman Housing Bank and local banks, led by Oman Arab Bank, aims to finance more than 50,000 housing units within five years, supporting urban expansion plans, stimulating the real estate and construction sectors, and contributing to the revitalization of the national economy.

In its commitment to transparency, Oman Housing Bank provides an interactive digital platform at iskan.ohb.co.om, offering full details about the program, including financing conditions, maximum loan amounts, and eligibility criteria.

Through this partnership, Oman Arab Bank reaffirms its position as a leading national financial institution, leveraging its banking capabilities and advanced digital services to serve Omani citizens and enable them to own their dream homes with ease and clarity — supporting the path toward sustainable development in the Sultanate of Oman.