Times of Oman
Nov 29, 2015 LAST UPDATED AT 11:16 AM GMT
NBO, the first conventional bank, to launch Islamic Banking Services
January 16, 2013 | 12:00 AM

Muscat: National Bank of Oman (NBO) has received the final licence from the Central Bank of Oman and announced the soft launch of Muzn Pure Islamic Banking from today. Muzn is now officially open to welcome and serve customers at its first branch in Al Azaiba.

Muzn's flagship branch located in A'Sahwa Towers — Azaiba North, is a full fledged Islamic banking branch. The branch has qualified staff and robust systems in place to offer a broad spectrum of Shariah approved Islamic banking products and services to all its customers.  The bank will also progressively open more branches in all regions of Oman.

Customers are cordially invited to visit the Muzn branch from Sunday to Thursday between 8am until 2pm. Muzn's friendly staff will be at hand to welcome customers and explain all the products and services in the most simple, yet professional and transparent manner.

Muzn's guiding principle is to create ethical value for all stakeholders through innovation, customer care and superior standards of operation. Its mission is to provide innovative, competitive and quality Islamic banking products and services; ensuring they are accessible and understood by all.

Muzn strictly adheres to Shariah principles and to the highest standards of professional conduct, corporate governance and ethics. All related transactions and activities will be conducted in accordance with the principles of Shariah that allow asset-backed financing and prohibits interest-based dealings.

All activities conducted by Muzn Islamic Banking will be independent and separate from the activities conducted by conventional banking at NBO. Muzn Islamic Banking has a Shariah Supervisory Board comprising well experienced and knowledgeable Shariah scholars to supervise its Islamic banking business.
The Muzn brand was first unveiled by the bank's deputy chief executive officer (DCEO), Ahmed Al Musalmi, in July 2012, at a special function held in the presence of the Sheikh Khalfan Al Esry, Muzn Shariah Supervisory Board member and Her Highness Sayyidah Rawan bint Ahmed Al Said, NBO board member.

The name Muzn is the Arabic word for rain clouds which are, in turn, associated with favourable outcomes such as growth and prosperity, fortune, blessings and longevity. In turn, Muzn aims to deliver growth for your money, hope and prosperity for customers. The green colour used in the Muzn brand identity is closely connected to the meaning of the word Muzn. Rain which brings life to the land — and green is strongly associated with life and growth, indicating prosperity and well-being.

NBO's Chief Executive Officer, Salaam Al Shaksy said: "This is indeed a landmark event for us. The launch of Muzn is in line with NBO's long term strategic objectives. Muzn offers a rich bouquet of products and services which will cater to institutional, corporate and retail clientele. We are proud to be the first conventional bank to commence Islamic Banking Services in Oman."

Deputy chief executive officer, Ahmed Al Musalmi commented: "We are indeed very happy to serve and meet the needs of the community by providing products and services that are in accordance with Islamic laws. We will always remain transparent and committed and thereby become the leading provider of innovative Islamic financial services. We look forward to welcoming customers at our Muzn branch from today."

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