Wednesday April 27, 2022
As the leading and most trusted Islamic bank in the Sultanate of Oman, Bank Nizwa has played a critical role in broadening the concept of inclusive growth and has supported many industries through innovative Sharia-compliant financing. In line with the same, the bank signed a Memorandum of Understanding (MoU) with Oasis Trading and Equipment Company to extend financing to the company’s customers and help them in buying Caterpillar vehicles. The agreement was signed by Mr Khaled Al Kayed, CEO of Bank Nizwa and Mr Bashar Ahmed Aref Al Barghouthi, General Manager of Oasis Trading and Equipment Company in the presence of Mr R. Narasimhan, General Manager of Wholesale Banking, Mr Khalid Al Barwani, Deputy General Manager Wholesale Banking Group and other senior officials from both entities.
Commenting on the signing of the agreement, Mr Khaled Al Kayed said, “Bank Nizwa’s Wholesale Banking Group has been at the forefront of financing SMEs, corporates and specialized project financing and our multi-industry portfolio is a testament to the growing preference for Islamic banking. We are indeed delighted to have signed an MoU with Oasis Trading and Equipment Company as they mirror similar values of excellence, integrity, and sustainable development. At Bank Nizwa, we are strongly aligned with the targets set in Oman Vision 2040 and we will continue to support the various industries major segments like Construction, power system & material and many others with aim to contribute to achieving immediate economic objectives of Sultanate of Oman, through Sharia-compliant solutions that have, time and again, proven to be resilient despite the changing economic scenarios.”
As per the agreement, Bank Nizwa will be providing structured Islamic financing facilities to customers of Oasis Trading and Equipment Company to enable them to buy ‘CAT’ machines at subsidised rates. As a company with over 60 years of experience in the Middle East, Oasis Trading and Equipment Company deals in various CAT® machinery, heavy equipment, and power systems, which are used for a wide variety of applications, including earthmoving, building and construction, mining, road making, demolition, waste and scrap handling, electric power generation, and marine propulsion.
In line with Bank Nizwa’s growth strategy and contribution to the Sultanate’s economic diversification goals, the Wholesale Banking Group offers services to an extensive range of clients in the construction, marine, oil and gas, infrastructure, power generation, healthcare, tourism, logistics amongst many more. CAT and its equipment cater to all these key sectors. Many customers rely on CAT’s products to advance sustainable progress and improve living standards. The MoU will, therefore, provide a significant impetus to several key projects in various sectors where the company provides its services, particularly to Small and Medium Enterprises (SMEs) to buy CAT machines and equipment at competitive finance costs.
Expressing his delight on the occasion, Mr Al Barghouthi said, “In business, it is quintessential to have a good financial partner that not only provides you with the needed advisory and assistance but also helps you support customers with their financing needs. More so, the Bank honours and resonates with our core values. Bank Nizwa has been that very partner for us, and we are certain that this MoU will further strengthen our position in the market, provide the needed boost to catalyse our operations, and help us achieve new milestones.”
Bank Nizwa has always been invested in the socio-economic progress of the country. While it has joined hands with various companies to finance key national projects directly or indirectly, it has also supported SMEs that have shown the potential to make a positive, long-term impact.
Apart from catering to the financing needs of companies, Bank Nizwa’s wholesale banking group also offers expert advisory services and guidance in the fields of corporate banking, project finance, SME and commercial banking, global markets, government and investment banking, international banking, and trade finance. With customer-centricity at its heart, the bank has been able to form strong bonds with its clients. Meanwhile, its progressive outlook and strategic partnerships have reaffirmed its position as a bank that is committed to driving sustainable growth, innovation, and development in the Islamic finance sector.