Monday April 5, 2021
Oman’s leading and most trusted Islamic bank, Bank Nizwa, held its Annual Ordinary General Meeting at 5:00 pm on Sunday, March 28, 2021, via the electronic platform for general meetings on Muscat Clearing and Depository Company’s website. The Board of Directors of the Sultanate’s flagship Islamic bank disclosed and approved critical material and information for the year 2020, including its exceptional financial performance. Bank Nizwa’s conscious and consistent efforts rightfully manifest its most trusted position within Oman’s Islamic banking sector.
The AGM, chaired by Sheikh Khalid Abdullah Ali Al Khalili, Chairman, Bank Nizwa, approved the Director’s Report for the financial year ending December 31, 2020, the Bank's Corporate Governance Report, and the Bank's Audited Financial Statements, including the Balance Sheet and Profit and Loss Account, for the same fiscal year. The AGM also disclosed the Sharia Supervisory Board’s Report for the year ending December 31, 2020. The shareholders also approved the distribution of cash dividend for the shareholders of 1.25 baizas per share.
Sharing details of the AGM, Sheikh Khalid Al Khalili highlighted, “Bank Nizwa has demonstrated utmost resilience in one of the most challenging years for world economies. I am proud to say that the bank has exhibited exceptional performance across all its departments even in the face of unprecedented challenges, recording consistent growth. Backed by digitalized processes and undeterred service to its customers, Bank Nizwa has been able to cement its position as the most trusted Islamic bank in Oman.”
Since its inception, Bank Nizwa has been committed to the vision of being the ‘Bank of Choice’ for the people of Oman. The goal has been to earn the trust of its customers, business community and society at large, by setting the benchmarks for integrity, innovation and customer satisfaction.
“In line with the bank’s five years strategy up to 2025, to support the next phase of growth, and increase returns for the shareholders, the Bank shall increase its capital by RO 75 million, by way of a right issue in 2021. The bank is committed to further grow in the coming years, supporting Oman’s Vision 2040, thereby contributing to the development and recovery of the economy.”, he added.
In 2020, Bank Nizwa recorded the highest growth in the financial sector in Oman, and is widely acknowledged as the nation’s leading and most trusted Islamic bank. The Bank has played a very visible role in Oman’s path to economic recovery having partnered a number of significant government programmes and initiatives.
While Bank Nizwa is firmly rooted in its values as a dedicated Islamic bank offering customers fully Sharia compliant solutions, it has also proven to be one of the most resilient and dynamic Omani brands in 2020.The bank was recognized in many premium platforms due to its excellent performance including the most trusted Islamic bank in Oman award from signature magazine.
Bank Nizwa is leading the sector’s growth on multiple fronts including corporate banking, Retail Banking, international banking, trade finance and treasury among others. Through strategic partnerships, Bank Nizwa is well-positioned to spearhead the growth of Islamic finance and solidify its leadership in the sector.