Novel Coronavirus COVID-19
Thank you for being our valued client.
The health and wellbeing of our employees and customers remains our highest priority and we are closely monitoring the latest reports and updates from the Ministry of Health (MOH) and have taken a number of precautionary measures for the health and safety of our customers and employees. We are continuously working with all our departments to align and update ourselves on appropriate responses for any situation amid this outbreak. We assure you of our continuous services during this time to highest level of satisfaction, while we continue to be guided by the relevant authorities.
COVID-19 Financing Deferment
At Muzn Islamic Banking we care for you, due to the current pandemic (Covid-19), Muzn is committed to stand with our customers by offering immediate relief measures. Our efforts through these relief measures are directed towards helping you focus on the well-being of yourself and your family in this challenging situation. This deferment package is an additional relief to all affected customers that need it the most during these challenging times.
Financing Installment Deferment extension for Oct 2020 to Mar 2021
Frequently Asked Questions (FAQs)
COVID-19 Financing Deferment (extension for April 2021 to September 2021)
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At Muzn Islamic Banking we care for you, due to the current pandemic (Covid-19), Muzn is committed to stand with our customers by offering immediate relief measures. Our efforts through these relief measures are directed towards helping you focus on the well-being of yourself and your family in this challenging situation. This deferment package is an additional relief to all affected Omani customers that need it the most during these challenging times. Financing Installment Deferment extension for April 2021 to September 2021 Omani customers whose salaries have been reduced or leave without pay are able to avail the extension of deferments with no interest from April 2021until September 2021and will need download the form here Waiver_Form_Apr-Sep 2021.
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| 1. Q: What is meant by financing deferment? |
| A: It is a temporary suspension of Financing instalment (including principal & profit) payment obligation for a limited period of time for the Omani customers of the bank. During this period, the affected customers with financing do not need to make any payment, and no late payment charges will be imposed on them. Affected customers will need to honor the deferred payments in the future as per agreed / revised terms of payments. |
| 2. Q: Which financing are eligible for deferment? |
| A: All active non delinquent Home Financing, Goods Financing and Auto Financing only |
| 3 Q: In case multiple loan facilities are availed by the customer, is the deferral applicable for all facilities? |
| A: Yes, deferral is applicable to all eligible financings. The customer can select the financing type for which he wants to avail the deferral in the mobile banking application. |
4 Q: Can this deferred payment be availed by resident and non-resident customers also?
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| A: No, only Omani customers are eligible to avail this deferred payment. |
| 5 Q: What about the profit on the financing during deferment? |
Omani customers whose salaries have been reduced or leave without pay are able to avail the extension of deferments with no profit accrual until September 2021. |
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| 6 Q: Will there be charges associated with processing customer deferments? |
| A: No charges are to be levied. |
| 7 Q: Is availing the deferment mandatory or optional? |
| A: It is optional to avail the deferment. The customer can choose whether to avail the deferment or continue to pay the monthly installment. |
| For customers who do not wish to avail of deferment, no further action is required, the EMIs will be deducted as normal. |
| 8 Q: What are the reasons for applying for a COVID-19 deferment? |
| A: Customers are required to specify the reasons for applying which will include: |
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| 9 Q: Where and how can customers apply for the deferment? |
Customer can apply via Muzn Islamic Banking mobile application. The customer will then have to submit the supporting documents as proof of hardship to covid19@muzn.co.om quoting the unique reference number of the mobile application request as in the subject of the email for easy tracking and to serve the customer within the timeline given. If customer is facing difficulties, customer can contact the call center |
| 10 Q: For what period is the deferment offered? |
A: Omani customers whose salaries have been reduced or asked to leave without pay are able to avail the extension of deferments with no profit accrual from April 2021until September 2021
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| 11 Q: What is the cut-off time whilst applying for the COVID 19 deferment? |
| A: Customers must apply for the deferment, 5 days prior to salary credit as per the process mentioned in Point 10 above |
| 12 Q: What if the customer applies for the COVID 19 deferment later than the specified 5 day prior to salary period? |
| A: Customers must submit their requests at least 5 working days prior to salary credit. If the customer submits the request within less than 5 days from monthly installment due day or salary credit or after the monthly installment due date, then the deferment will begin next month, if he / she has applied for next month deferment. |
| 13 Q: How will the deferment affect my financing monthly installment? |
| A: The deferment will be applied on the financing installment with no profit charge during deferral. This will result in increase in remaining tenure of the financing. |
| 14 Q: Which customers are eligible for the COVID-19 deferment? |
| A: Omani customers whose salaries have been reduced or forced to leave without pay |
| 15 Q: If a customer has already taken a deferment prior to the COVID 19 deferment will he / she still be able to avail an additional deferment? |
| A: Yes, customers can avail of COVID related deferments in addition to previous deferments |
| 16 Q: Will the insurance premium be charged when availing the deferment? |
| A: Yes, the insurance premium on the financing will be debited as usual |
| 17 Q: If the customer is impacted for a shorter period (eg. 2 months of temporary hardship), would the bank offer him 2 months deferment only instead of full 6 months ? |
| A: Yes, the bank shall follow an approval process for all deferral requests and if it is established that the period of actual financial hardship is lesser, than bank may restrict the deferment to actual period of financial hardships only. The customers shall be informed of the approvals via bank channels. |
| 18 Q: If a customer has opted to avail this Covid-19 deferment option, would the customers still be eligible for new financing? |
A: Yes, customers' eligibility for obtaining new financing will not be impacted by availing the deferment facility. However, the bank will evaluate new financing applications as per internal credit policies and risk assessment procedures. No deferment of instalments will be given on newly granted financings approved after 18th of March 2020 |
| 19 Q: What documentation is required when applying for the Covid 19 deferment? |
A: Documents required: - Valid and recent letter from employer and PASI registration statement.
These documents will have to be sent on the dedicated email address covid19@muzn.co.om quoting the Muzn's mobile banking application unique reference number in the subject of the email Reason for
Deferment | Required
Documents | Salary
Reduction | - Valid and recent letter from employer
- PASI registration statement
| | Leave without Pay | - Valid and recent letter from employer
- PASI registration statement
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How is Muzn managing its readiness and response?
Muzn has operationalized its Crisis Management Team (CMT) to ensure an effective bank-wide readiness and response to this outbreak. CMT is continuously getting updates from authorities and collaborating internally to regularly communicate updates to our customers and employees.
How is Muzn’s Business Continuity Plan implemented?
Muzn has a Business Continuity Management Framework that’s aligned to its operating model and is in compliance with regulatory requirements. The Business Continuity Plans were tested to ensure organizational resilience and continuity of business services in the event of an emergency or crisis.
How Muzn is making banking services available to customers?
Our digital channels - online internet banking and mobile banking app, remain fully functional and are available at any time to help you with your banking needs. Our ATM network is also operational at all its locations . Muzn strongly urges customers to avoid visiting branches and instead using alternative digital channels for their banking needs and transactions. These alternative digital channels include:
· ATM & CDM (including CCDMs of NBO)
· Mobile Banking app
· Consumer Internet Banking
· Corporate Internet Banking
The following is a list of consumer branch services that can be done on our mobile banking app or online internet banking:
· Fund transfer within your own accounts
· Fund transfer locally to any Muzn account
· Fund transfer locally to any bank in Oman
· Manage your cards(s) - activate, block, block usage in certain countries,
· Request a cheque book
· View account or financing statement
· Download your account statement (only on internet banking)
In addition to the above, we would like to remind you of the following exclusive mobile banking app services & features:
· Scan & pay at merchant outlets supporting QR payments
· Recharge or pay mobile phone bills.
· Pay electricity and water
The following is a list of corporate branch services that can be done on our Corporate Internet Banking:
· Salary payments
· Local and international funds transfers
· Utility payments
· Download statements
In-line with the measures we’re taking in response to the COVID-19 coronavirus, our network of branches* will be limited to providing the following services:
· Cash withdrawal and deposit beyond ATM/CDM limit
· Cheque deposit/encashment
· New account opening
· New and additional financings
· Card/Cheque book collection
Should you require any services that not available through these means or have any questions, please contact our call center on 800 77377.
Notice for Corporate Banking Client
Corporates should be informed that Central Bank of Oman (CBO) has extended their audited financials and net worth statements submission date to 30.06.2020
Branch timings:
Due to the prevailing situation, we have made some changes in the ways you can bank with us. From 05 April 2020, all our branches will operate from 8AM – 12PM until further notice.
Our Digital Banking Platforms (Mobile Banking and Online Banking) are always available, making banking from home easy and convenient.
