Sunday December 13, 2020
13th December 2020. Muscat. Bank Nizwa has yet again proven its mettle as Oman’s leading Islamic Bank, winning the coveted title of ‘Best Performing Company – Large Cap’ at the Alam Al-Iktisaad awards 2020 – a unique platform that felicitates the top achievers in Oman’s corporate world. The award was presented by His Excellency Qais bin Mohamed al Yousef, Minister of Trade, Industry and Investment Promotion and received on behalf of the bank by Sheikh Khalid Al Khalili, Chairman of Bank Nizwa.
With enhanced focus on technological innovation and increased customer-centricity, Bank Nizwa has been the fastest growing Islamic bank in the Sultanate, showcasing impressive financial results. It continues to be on an upward trajectory as it reported a growth of 21 per cent in net profits for the period ending 30 September 2020
Alam Al-Iktisaad Awards is an exclusive thought leadership platform that not only recognizes Oman’s best performing entities, but also enlightens members of the corporate community on topics of national interest. The awards ceremony witnessed attendance of select business leaders, CEOs and senior officials from a cross-section of industries and government bodies, under strict social distancing measures.
Commenting upon the win Sheikh Khalid Al Khalili, Chairman, Bank Nizwa said, “Since the onset of Islamic banking in the Sultanate in 2013, Islamic Banking entities (IBEs) have made remarkable progress and contributed efficiently to financial intermediation in Oman. Having pioneered this journey, today, Bank Nizwa’s customer-first digital banking experience is an epitome of modern, progressive banking, that offers Shari’a-compliant products and services to all across the Sultanate. The bank’s strong emphasis on fintech in Islamic banking and the criticality of it to develop an ecosystem of partnerships for innovative products and customer experiences, has led Bank Nizwa to set benchmarks for Islamic Banking Entities within the country. The highly respected Alam Al-Iktisaad award win is a shining evidence of Bank Nizwa’s futuristic outlook, that is rooted in the values of Islam. We are truly delighted with our efforts being recognized, which gives us the required impetus to continue growing thereby contributing to the progress of the sector as well as our beloved nation.”
The bank’s operating income increased by 16 per cent to OMR 28.5 million for the period ending 30 September this year. This reflects Bank Nizwa’s accomplishment in maintaining sustainable growth across a number of operational revenue segments, despite the economic slowdown. Total shareholders’ equity increased by 8 per cent to OMR 156.5 million compared to OMR 144.9 million on a year-on-year basis.
The premium by-invitation event, Alam Al-Iktisaad awards ceremony witnessed attendance of select business leaders, CEOs and senior officials from a cross-section of industries and government bodies, under strict social distancing measures. A larger audience attended the event on Zoom and YouTube.
Since its inception, Bank Nizwa has continued to play a leading role in introducing, developing and promoting the Islamic banking in the Sultanate. The Bank remains committed to engage its customers by organizing promotional campaigns and knowledge workshops, besides further strengthening its position as a leading bank in the Islamic banking sector in the Sultanate. Bank Nizwa is devoted to ensuring the highest levels of transparency regarding practices, key benefits and features of its products and services in meeting the requirements of different markets and sectors in Oman.