Wednesday 04 / December / 2024
On the occasion of the Sultanate of Oman’s 53rd National Day, that marks the glorious progress of our dear country under the inspiring leadership of His Majesty Sultan Haitham Bin Tarik Al Said, Bank Nizwa has reaffirmed its commitment to furthering the development of Oman's Islamic finance sector and the advancement of the nation’s economy, while also prioritising the empowerment and well-being of its citizens.
Over the past decade, Bank Nizwa has achieved remarkable milestones and has championed transformative initiatives within the sector. Upholding values of transparency and integrity, the bank has not only promoted the merits of Sharia-compliant banking but has also elevated the Islamic finance landscape with modern solutions, thereby setting new benchmarks within the industry, and redefining the conventional perspective of Islamic banking. Oman’s socio-economic progress amidst dynamic economic environments has formed the bedrock of this strategic approach. The Islamic banking industry in Oman has seen exponential success over the years, with the total assets of Islamic banks and windows growing by 12.6% year-on-year, reaching the RO 7 billion mark at the end of June 2023, according to the Central Bank of Oman’s data. Islamic banking entities also provided financing worth RO 5.8 billion, recording a 12.8% growth over the previous year, and total deposits held by Islamic banks and windows increased by 10.5% to RO5.2bn, thus reflecting the great demand for Sharia-compliant banking solutions in the country.
Speaking on the occasion, Mr. Khaled Al Kayed, Chief Executive Officer at Bank Nizwa, said, “This momentous day is a powerful reflection of our nation's identity and core values. It is a reminder that we should always aspire to achieve the highest standards of excellence in all our endeavours, while reinforcing our commitment to advancing the nation’s progressive agenda. Bank Nizwa salutes His Majesty Sultan Haitham bin Tarik Al Said for his visionary leadership and conveys heartfelt congratulations to the people of Oman on the occasion of the country’s glorious 53rd National Day.”
As Bank Nizwa joins the country in commemorating the 53rd National Day, it looks forward to continue charting a path of innovation and advancement in the Islamic finance sector, while also exploring more opportunities to uplift local communities and contribute to socio-economic progress at large. Bank Nizwa's influential role in nurturing the growth of Islamic finance in the Sultanate lies in its commitment to innovation, underpinned by unwavering adherence to Sharia-compliant principles
Through its insightful Islamic Finance Knowledge Sessions (IFKS), the bank has been at the forefront of fostering awareness of Islamic banking practices across communities and nurturing a financially conscious society. Transcending traditional banking services and striving to enhance financial literacy, Bank Nizwa also actively participates in and supports acclaimed conferences and forums as a cherished thought leader.
Bank Nizwa places a keen emphasis on empowering the nation's workforce. The bank has been cultivating its potential through tailored training programs and exposure to a dynamic banking environment. This investment in the country's workforce is a pivotal step towards ensuring that Oman's future leaders are well-equipped to contribute meaningfully to the nation's socio-economic growth.
