MUSCAT – Bank Nizwa was awarded the title of the Strongest Islamic Retail Bank in Oman in 2021 at the recently conducted Islamic Retail Banking Awards (IRBA).
The prestigious award honors Bank Nizwa for its contributions to the development, growth and success of Islamic retail banking in the Sultanate. The award was received by Arif Al Zaabi, AGM- Retail of Bank Nizwa, on behalf of the bank.
Commenting on the win, Khaled al Kayed, CEO of Bank Nizwa said, “We are indeed honoured to receive this coveted award as it celebrates excellence and best practices in the Islamic retail banking sector. At Bank Nizwa, we ensure that our Sharia-compliant products and services are thoughtfully designed keeping the needs and demands of our customers in mind. At the same time, we have remained dedicated to achieving the objects of our digital transformation drive with a keen emphasis on providing customers with the highest level of cyber and data security. Innovation, reliability and customer convenience are critical aspects of all our operations as we continue to enhance our digital banking ecosystem. All these factors put together have helped Bank Nizwa establish its positions as the preferred Islamic banking partner and set a new benchmark for progressive Shari’a-compliant solutions.”
Bank Nizwa’s retail segment has secured the highest growth in the Islamic finance industry in Oman. Its retail deposits grew from OMR 445,575 million in September 2020 to OMR 511,151 million in September 2021, therefore registering a significant growth of OMR 64,576 million or 14 percent. At the same time, the bank’s retail finance rose by OMR 46,139 million or 11 percent to OMR 453,137 as of September 2021 as compared to OMR 406,898 million as of September 2020.
The bank’s innovative digital products, Sharia-compliant financial solutions and schemes to meet the varying demands of its customers have contributed to the success of its retail segment. From the bank’s robust mobile app to the option of opening additional saving accounts, Bank Nizwa has a number of solutions tailor-made to the needs of its clients. Its recently launched education finance that helps students enhance their academic qualifications has also been well-received by the market and given a huge impetus to the popularity of the bank.
Talking about the bank’s successful retail segment, Al Zaabi said, “By helping corporate companies, businesses and individuals to raise, manage, invest and grow their capital and diversify their funding sources, Bank Nizwa has grown to be the preferred financial partner for Islamic banking in the Sultanate and has contributed significantly to the nation’s economic growth and social development. While this award gives us the assurance that we are on the right path, it also motivates us to continue enhancing our retail banking portfolio by creating value-added products and offering world-class Islamic banking services to the local community.”
The ‘Strongest Islamic Retail Bank’ award once again reaffirms Bank Nizwa’s position as a reliable, transparent and secure Islamic bank that upholds the highest levels of operational efficiency. As a keen advocate of Islamic finance, the bank will continue to introduce progressive products and services that encourage the community to opt for Islamic banking products.