Times of Oman
Nov 26, 2015 LAST UPDATED AT 05:53 AM GMT
Bank Nizwa is first in Oman to open doors for Islamic banking
January 9, 2013 | 12:00 AM
Bank Nizwa officials after formally opening its operations. Pic: JUN ESTRADA/Times of Oman

Muscat: Bank Nizwa, Oman's first dedicated Islamic bank, formally opened its doors to the public making history for the Sultanate's financial services industry. This pioneering initiative by Bank Nizwa signifies the start of a new era for banking in Oman. The launch was announced soon after the release of the Islamic Banking Regulatory Framework (IBRF) by the Central Bank of Oman (CBO).

Commenting on the occasion, Sayyid Amjad Mohammed Ahmed Al Busaidi, chairman of board of directors, Bank Nizwa, said "We are grateful to His Majesty Sultan Qaboos bin Said for his visionary leadership that made Islamic banking a reality in Oman. The Islamic banking regulatory framework, laid down by the CBO has positioned the economy of the nation towards achieving greater success. The launch of Bank Nizwa will propel Islamic banking and the economy of Oman to a higher level of development. "

Bank Nizwa has a dedicated and highly skilled staff as well as experienced industry experts at the managerial level who are driven towards creating a prosperous society and a stable economy. Equipped with state-of-the-art banking systems and software, Bank Nizwa will be offering its customers the best Islamic banking experience.

Bank Nizwa will be the first bank in the Sultanate to provide services like account opening through identity cards for Omanis and resident ID cards for expatriates; instant issuance of personalised ATM Card, instant issuance of personalised cheque book and much more.

Dr Jamil El Jaroudi, chief executive of Bank Nizwa said, "We take pride in the fact that we are the first fullfledged Shari-compliant bank in the country with products such as current accounts, savings accounts and personal finance as well as corporate business services and treasury operations. Our goal is to create an environment that serves as an inspiration for other Islamic banks and Islamic windows at conventional banks to begin operating in Oman so that the customer benefits from the best practices."

"Through the consistent application of the fair practices as laid down by the Sharia laws we encourage social fairness, profit sharing and ethical conduct. We believe that these have been the pressing need of the people in Oman. With our customer centric approach we wish to create newer benchmarks in the world of banking," Dr El Jaroudi added.

Bank Nizwa is currently headquartered in Al Qurum with additional branches in Nizwa and Sohar. Sharia compliant financial products and services are being adopted by Islamic banking customers with fervour worldwide. Bank Nizwa is championing the faith-based attitude of this sector to take the banking Industry and the economy of the Sultanate to new heights.

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