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NBO launches Muzn Islamic banking operations

by Times News Service
January 19, 2013 , 8 : 31 pm | 1 comment

Muzn Islamic banking branch has qualified staff and robust systems in place to offer a broad spectrum of Sharia-compliant products and services. � A R Rajkumar/Times of Oman

Muscat: National Bank of Oman (NBO) opened its Muzn Pure Islamic banking branch to customers on Wednesday. The bank in a statement claimed that it was the first conventional bank in the country to offer Islamic banking products to the public.

An impressive soft opening was held at the Muzn Branch under the auspices of the Sheikh Khalfan Al Esry, Muzn Sharia Supervisory Board Member, Sayyidah Rawan Al Said, NBO's Board Member and Salaam Al Shaksy, NBO's chief executive officer, in the presence of NBO's senior management and staff.

Muzn is now officially open to welcome and serve customers at its flagship branch in A'Sahwa Towers, Azaiba North, which is a full-fledged Islamic banking branch. The first accounts of the branch were opened in the presence of the august gathering. The bank will also progressively open more branches in all regions of the Sultanate.

Muzn Islamic Banking Branch has qualified staff and robust systems in place to offer a broad spectrum of Sharia compliant products and services. Muzn's range of products will cater to Institutional, Corporate and Retail customers and includes the following products: Murabaha Auto Finance; Ijara Home Finance; Sale and Lease Back Finance; Muzn Current Account (Qard Hassan); Muzn Savings Account (Mudaraba); Wakala Investment; Flexi Wakala Account; Murabaha Working Capital Finance; Ijara Muntahia Bittamleek Term Finance and Trade Finance.

At the soft launch, Ahmed Al Musalmi, welcomed and thanked the distinguished audience for supporting this landmark event and gracing the occasion with their presence. He also formally handed over the Islamic Banking licence to the CEO, Salaam Al Shaksy. Thereafter, Sheikh Khalfan Al Esry formally presented a copy of the Sharia Compliance Certificate to Sayyidah Rawan Al Said, certifying that all Muzn products were reviewed and approved by the Shari'a Supervisory Board.

NBO's Deputy Chief Executive Officer, Ahmed Al Musalmi commented: "We are indeed delighted to have members of the Press visit our Islamic Banking Branch today. It is a privilege for our Muzn team to welcome you and take you on a tour of the branch premises as well as assist you in opening your Muzn Islamic Banking Accounts."

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