Sunday 11 / October / 2026
Reinforcing its commitment to delivering convenient, digitally enabled financial solutions and expanding access to Sharia-compliant financing, Sohar Islamic, the Islamic banking window of Sohar International, has signed a Memorandum of Understanding (MoU) with Sooq Cars, Oman’s digital automotive platform, to explore opportunities to enhance vehicle financing solutions and customer access through the platform.
The agreement was signed by Abdulwahid Al Murshidi, Chief Executive Officer of Sohar International, and Abdulrahman Al Kharusi, Chief Executive Officer of Sooq Cars, establishing a framework for both parties to explore new areas of collaboration and value creation.
Under the partnership, Sohar Islamic will seek to become a preferred financing partner on the Sooq Cars platform, providing customers with greater access to relevant vehicle financing solutions as they navigate their vehicle purchase journey. The collaboration will also create opportunities to generate qualified financing referrals and enhance awareness of Sohar Islamic’s products and services among customers engaging with the platform.
Commenting on the partnership, Abdulwahid Al Murshidi, Chief Executive Officer of Sohar International, said: “This partnership reflects our ambition to make Islamic banking more accessible, relevant and seamlessly integrated into the everyday financial decisions of our customers. As customer journeys increasingly move into digital environments, we see significant potential in collaborating with platforms that are already part of those journeys. Our partnership with Sooq Cars brings together Sohar Islamic’s financing expertise and Sharia-compliant solutions with a digitally enabled automotive ecosystem, creating an opportunity to simplify access to vehicle financing while opening new avenues for customer acquisition and engagement. More broadly, this collaboration forms part of our strategy to build partnerships that extend our reach, strengthen our proposition and contribute to the continued growth and development of Sohar Islamic.”
Abdulrahman Al Kharusi, Chief Executive Officer of Sooq Cars, said: “At Sooq Cars, we are focused on building a more connected and convenient automotive marketplace that responds to the evolving expectations of customers in Oman. Financing is an integral part of the vehicle purchasing journey, and partnering with Sohar Islamic enables us to bring a trusted Islamic financing proposition closer to customers at a relevant point of decision-making. This MoU also provides a foundation for both organizations to look beyond a single financing proposition and explore broader opportunities that can enhance the automotive ecosystem, create greater customer value and support the continued digital transformation of the sector.”
Through the MoU, Both organizations will also explore potential opportunities beyond vehicle financing, with a focus on identifying new areas where their respective capabilities, platforms and customer relationships can create sustainable value. The collaboration is intended to foster a more integrated connection between automotive commerce and financial services, while supporting the development of innovative propositions that can respond to changing customer preferences and market dynamics.
The partnership is expected to contribute to Sohar Islamic’s broader growth ambitions by creating new customer touchpoints, supporting qualified financing opportunities and strengthening long-term relationships across its retail banking ecosystem. For Sooq Cars, the collaboration further enhances the range of services that can be connected to its digital automotive platform, supporting customers through more stages of the vehicle ownership journey. Together, the partnership provides a platform for both organizations to deepen their engagement, explore new business opportunities and contribute to a more digitally connected and customer-focused automotive and financial services landscape in Oman.
The MoU reinforces Sohar Islamic’s strategic approach to building partnerships that combine financial capabilities, digital platforms and sector expertise to deliver greater value to customers and support sustainable business growth. By working with Sooq Cars, Sohar Islamic is further strengthening its ability to meet customers where they are, while continuing to evolve its Islamic banking proposition through relevant partnerships, innovative channels and solutions aligned with the changing needs of Oman’s market.
