After international finance institutions formed a new strategic alliance, a major regional investment group hopes to expedite the construction of cheap, Shariah-compliant housing in Oman and the larger GCC.
In order to align both businesses and scale ethical housing finance solutions throughout the region, BCIB Holding Co., Ltd., a financial services and investment banking company based in Thailand, has purchased a 20% stake in Amwalus Finance LLC, a US-incorporated financial institution with strategic operations in Oman. A $5 billion Medium Term Note (MTN) issued by BCIB Holding’s banking subsidiary, Bastion Commonwealth transaction Bank, serves as collateral for the transaction.
In order to meet the increasing need for inclusive and reasonably priced housing options in Oman and the surrounding Gulf nations, BCIB Holding Co. claims that the money raised from the MTN will be utilized to fund housing projects that follow Islamic finance standards.
Low Chun Keong, Managing Director of BCIB Holding, and Wassem Mesto, Managing Director of Amwalus Finance LLC, a fully owned subsidiary of Amwalus Trust, situated in the United States, signed the agreement to formalize it. Dr. Chutamas Vongvorakit, the co-founder and chief financial officer of BCIB Holding, also attended the ceremony.
“This strategic investment, backed by institutional financing through Bastion Commonwealth Investment Bank, underscores our commitment to fostering inclusive and sustainable development in Oman and across the region,” said Low.
Amwalus Finance specializes in financing affordable housing in accordance with Shariah. Targeting underprivileged communities, the company intends to spread its housing solutions throughout the GCC with the help of its strategic partner and the fresh capital infusion.
Wassem Mesto welcomed the partnership as a milestone for the company’s mission. “We are proud to welcome BCIB Holding as a key strategic partner in our mission to provide dignified, affordable housing guided by Islamic finance principles,” he said. “With this collaboration, and the support of Bastion Commonwealth Investment Bank, we are well-positioned to scale our impact across the GCC and meet the growing demand for ethical, inclusive housing solutions.”
The partnership embodies BCIB Holding’s overarching objective of advancing sustainable socioeconomic growth via cutting-edge Islamic financial products, with an emphasis on housing and infrastructure. These investments are anticipated to be centered on Oman, which is promoting national priorities under Vision 2040.
