Bank Nizwa Signs Agreement with Ministry of Labour to Support ‘Sahim’ Program

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Demonstrating cohesion with Ministry of Labour’s ongoing efforts to facilitate job seekers and fresh graduates with temporary work permits under the ‘Sahim’ program, Bank Nizwa, Oman’s most trusted Islamic Bank, has signed an agreement to back beneficiaries of ‘Sahim’ with a comprehensive set of shari’a compliant banking services specially designed for this category.

The agreement was recently signed at Bank Nizwa headquarters by Mr. Khalid Al Kayed, CEO of Bank Nizwa, and His Excellency Al Sayid Salem bin Muslim Al Busaidi, Undersecretary of the Ministry of Labour for Human Resources. In accordance with the agreement, Bank Nizwa will provide timely and relevant Islamic finance options including financing facilities and services, savings and mudaraba investment accounts, credit cards, and many other banking products, for job seekers and fresh graduates making their entry into the competitive employment market.

Developing strategic approach to regulating the labor market and upgrade the ratio of national work force in both public and private sectors in order to promote its role in supporting the national economy, the Ministry of Labour launches the ‘Sahim’ program to target the job seekers and fresh graduates by providing them with a temporary work contract in different segments; both government and private sector, enabling them to achieve their institutional goals. This program comes in line with Oman 2040 Vision to empower the national cadres to fulfill the requirements of the labour market by spreading the culture of temporary work and flexible working hours and consolidating this culture of work in the community. The ‘Sahim’ program will not only provide job opportunities for Omanis graduates, but it also supports overall economic growth of the Sultanate and improve living standards of individuals across the country.

Speaking on the sidelines of the agreement Mr. Khalid Al Kayed, CEO of Bank Nizwa said, “Our aim is to empower Oman’s workforce with relevant financial assistance to help them take confident strides in their careers. Youth are the fulcrum of our society; they are the leaders of tomorrow. As new employees, they require financial support to boldly carve their niche in the market, and, through this agreement, we want to assure them of our continuous support to help them grow and build their careers. As pioneers in the Islamic banking sector, we have, time and again, demonstrated our dedicated support for local communities through innovative products and services that help us march towards the inspiring Oman Vision 2040. We will continue to invest in the welfare of the community and meet the expectations of our government.”

One of the objectives of Oman Vision 2040 is to foster a favourable environment to attract talented youth into the labour market. While the National Employment Programme, which stems from the guidelines prescribed under the Vision, is aiding the government in filling the labour market with qualified and skilled national workforce, Labour Ministry, with the support of private organisations, continues to introduce specific initiatives to meet the set target of employing 85% job seekers by 2022.

Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate, upholds strong values and commitment towards the Oman community. Accordingly, it consistently strives to build awareness, and offer unmatched Sharia complaint products and services to the people. Finance options at competitive rates and a full range of banking products varying from saving and investment accounts to credit cards that seek to support individual needs, choices, and aspirations, as it helps them fulfill their dreams, and meet their requirements.

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