Thursday March 8, 2018
Bringing together its employees, stakeholders and guests during a special gala dinner event, Bank Nizwa celebrated its 5th year anniversary as the Sultanate’s pioneer Islamic bank. Since inception in January 2013, the bank has been directing its efforts towards introducing innovative Shari’a-compliant tools, expanding its branch network and raising awareness and leveraging the potential of Islamic banking across Oman.
Sayyid Amjad bin Mohammed Al Busaidi, Chairman of Bank Nizwa said, “When we set up Bank Nizwa as the first fully-fledged Islamic Bank in Oman, we had a clear vision to build it up not only as the best performing bank in the Islamic banking sector, but a trend-setting, go-to reference institution. This endeavor has paid dividends over the past five years owing to the unwavering trust of our customers earning Bank Nizwa an enviable position in the market as one of Oman’s fastest growing financial institutions.”
Khalid Al Kayed, CEO of Bank Nizwa said, “We are proud of five years filled with achievements on all levels of operations, product and services portfolio and most importantly unparalleled levels of customer service excellence.”
A Roster of Milestones
With a strategy built on harboring innovation, a culture of learning and service excellence, Bank Nizwa reported strong financial results for the year 2017. Starting with recording 3,343% growth in net profit after tax to OMR 3,786,500 achieving the highest growth rate in Oman’s banking industry for the financial year ended 31 December 2017. In addition, the bank achieved a year-on-year (YOY) 35% rise in total assets. With a 50% rise in customer deposits, a 41% surge in financing portfolio and a 29% rise in operating income from December 2016 to December 2017, the bank successfully demonstrated strong resilience and performance across all its departments.
Al Kayed, added, “This roster of milestones was achieved as a result of our unwavering commitment to partner with our customers in their progress - fulfilling and enriching their financial journeys. This customer-first approach has helped us in building a formidable banking franchise that has grown from strength to strength over these past five years.”
Reflecting effective product portfolios and offerings, Bank Nizwa has been honored with a number of prestigious accolades over the years. The bank’s long-list of awards includes ‘Excellence in CSR in Islamic Finance’, ‘Best Islamic Services and Products in Oman’, ‘Strongest Islamic Retail Bank in Oman 2017’ and ‘Pioneer Islamic Bank in Oman’ to name but a few.
Over the course of five years, the bank has been dedicated to engage with the local community and instill the knowledge of the benefits, opportunities and potential of Islamic banking through growing its retail footprint through 12 network branches to date. Collaborating with a number of private and government institutions, the bank has also successfully led and organized numerous workshops, events and roadshows empowering various stakeholders of different backgrounds and interests with the advantages of Islamic financial tools and solutions to help them lead financially secure lifestyles. In addition, reflecting its key role in raising awareness of Islamic banking, Bank Nizwa hosted a number of international and local delegations sharing its expertise and spreading the understanding of the core principles of the Islamic banking industry.
Bank Nizwa has nurtured the growth of Islamic finance in Oman through the introduction of innovative products and services designed to meet the needs of multiple industries by delivering around the clock efficiency, accessibility and convenience. The bank’s longlist of innovation-driven milestones include the launch of its Corporate Internet Banking Service, the SME & Commercial Banking department and a dedicated mobile branch-on-wheels to reach customers around the Sultanate.
Al Kayed concluded, “The success of Bank Nizwa has primarily been driven by raising awareness and offering a true alternative to conventional banking. We believe that for such growth to continue, we will need to rely on what brought us this far, namely, innovation, efficiency, and the deeply inherited values in Islamic finance.”
Bank Nizwa is committed to spearhead the growth of Islamic finance and lead the segment’s market share towards new heights. The journey and progress of the bank to date has reflected its dedication to empower communities with progressive and efficient financial solutions. With its visionary strategy focusing on financial performance, technological advancement, market share, team culture and progressive organization; Bank Nizwa will further maximize its shareholder value and continue to drive Islamic finance’s momentum in the Sultanate.