Tuesday October 19, 2021
Leading the way in Shari’a compliant banking in Oman, Bank Nizwa has yet again proven its expertise by winning the Oman Domestic Foreign Exchange Bank of the Year award at the prestigious Asian Banking & Finance (ABF) Wholesale and Retail Banking Awards 2021. As the first dedicated Islamic bank in the Sultanate, Bank Nizwa has successfully pioneered Sharia compliant banking in the country in all aspect of its products and services.
Expressing pride at the global accolade, Mr. Khaled Al Kayed, CEO of Bank Nizwa, said, “We are delighted to receive this coveted recognition which underlines our global standards in providing Shari’a compliant products and services that are described meticulously and are delivered to exceed expectations. Our unfaltering approach is to continue providing the people of Oman a unique banking experience that combines Islamic banking with today’s dynamic financial requirements. The ABF Award honors this commitment and is an endorsement of the bank’s innovative propositions that caters to diverse banking requirements.”
“The utilization of FX Waad is multifold given its market competitiveness and ease of usage, in addition to the assertion of Islamic principles. Over the past two years, the Bank has witnessed steady growth in its customer-base as more people seek an alternative solution to conventional banking.”, he added.
Bank Nizwa’s Treasury department caters to Retail, HNIs and Wholesale banking clients. As a specialized function, the department has played a significant role in supporting the government’s diversification plan as well as Oman’s 2040 vision. The function has effectively closed several milestone transactions with SMEs, Mid and Large sized corporates, and Government Projects in the Manufacturing, Utilities, Construction, Retail, Hospitality, Aviation, Logistics, Tourism, Education, Waste Management, Metals & Mining, Medical, and Food sectors. The Treasury department plays an important role in reduction of cost of fund to our bank. A recently launched weekly newsletter, and networking with international and GCC banks, participating in reciprocal lines, has ensured that the bank stays connected to its various stakeholders at all times.
It is worth a mention here that while ensuring the highest level of cyber and data security, Bank Nizwa has infused innovation in all its operations and built a digital ecosystem that strengthens its position as a much-revered bank that has been leading the way to promote awareness and bring about innovation in the Islamic financing sector. This has helped in redefining the customers’ journey when it comes to progressive Shari’a-compliant solutions that meet all financial requirements of the customers.
In only 8 years of operation, Bank Nizwa has scooped-up nearly 30 local, regional and international recognitions to cement its position as the leading Islamic bank in Oman. In 2020, Bank Nizwa was named the ‘Most Innovative Islamic Bank’ at the International Finance Magazine Awards; ranked as ‘One of the World’s Best Islamic Financial Institutions’ at the Global Finance 2020 Islamic Finance Awards; and awarded the coveted title of ‘Best Performing Company (Large Cap)’ at the Alam Al Iktisaad Awards 2020. The Bank was also awarded the Most trusted Islamic Bank in Oman at the Signature Luxury 100 awards.
With the concept of Islamic banking gaining momentum in Oman, Bank Nizwa continues to offer reliable competitive propositions for customers looking to lead financially-secure lifestyles.