Bank Nizwa participates at ICAI’s 12th International Seminar

MUSCAT –  Bank Nizwa participated in the 12th International Seminar titled, “Success through Synergy”, organised by the Institute of Chartered Accountants of India (ICAI), Muscat Chapter. The seminar witnessed an attendance of more than 250 members, dignitaries and guests from across the globe.

Narasimhan, General Manager of Wholesale Banking Group at Bank Nizwa participated by delivering a presentation on “The role of Islamic Banking in the Synergetic Contribution to the Growth of Oman Economy”. He shed light on the Global Islamic Finance landscape and Islamic Banking and its outlook in Oman. Furthermore, he highlighted the general operating difference between Islamic and conventional banking. Lastly, he spoke about the critical role Bank Nizwa has played in advancing Islamic banking in the country, making Oman the fastest-growing Islamic finance market in the GCC.

“Islamic Banking Industry is growing very fast in Oman. As of June 2022, according to the statistics issued by the Central Bank of Oman, Islamic Banking Entities (IBEs) share in the industry has increased to 18 per cent. At the forefront of this growth is Bank Nizwa, continuously increasing its market share. Within Islamic Banking Industry, the bank holds a total of 23 per cent share in the financing, 26 per cent in deposits and 24 per cent in assets,” said Narasimhan.

He added, “Bank Nizwa focuses on continuous innovation through re-engineering processes and launching digital ventures and new business models. Furthermore, it aims at growing and strengthening existing segments, supporting Small and Medium Enterprises and expanding its offerings. The bank is also working to improve customer experiences by investing heavily in digitalisation, reskilling society and equipping them with cutting-edge digital tools and capabilities. In alignment with the country’s Vision 2040 agenda, we are also focusing on our sustainability strategy and roadmap. Bank Nizwa is the first Bank in Oman to launch sustainable financing and eco-friendly debit and credit cards”