Tuesday November 8, 2022
Bank Nizwa has established itself as a progressive, resilient and agile Islamic bank that has remained steadfast in aligning with the digitalisation agenda of the nation while spearheading sustainability and financial inclusion initiatives. As per its strategy to enhance the visibility and client servicing capabilities, the bank recently participated in the Sibos 2022, the world’s premier financial services event held in Amsterdam. Becoming the only Islamic banking entity from Oman to attend the prestigious, international event this year. Bank was represented by the senior officals including General Manager Wholesale Banking Group Mr. Narasimhan R, Head of Treasury Mrs. Suad Al Balushi and Senior Manager International Banking Mr. Aiman Salih.
The central theme of the event was‘ Progressive Finance for a Changing World’, the conference was held from 10 to 13 October and witnessed the participation of over 10000 delegates from most of the countries in the world. Bank Nizwa is already maintaining good business relationship with renowned international financial institutions. The bank participated in the Sibos 2022 to further strengthen its relationship with International Financial Institutions and to explore more products related to trade and payments which Bank Nizwa can offer to its customers.
Commenting on the bank’s participation, Mr. Narasimhan R, General Manager Wholesale Banking Group at Bank Nizwa said, “Sibos 2022 was an excellent platform for industry enthusiasts to share relevant insights into the latest trends shaping the banking sector, drive meaningful debates on contentious topics and raise awareness on potential risks, challenges and disruptors that may emerge in the industry. Whilst such risks entail vulnerabilities, it also poses opportunities for growth. To be able to leverage growth opportunities, it is quintessential that financial institutions embrace sustainable policies and stay committed to their digital agenda – a key message that was strongly reiterated at the event.”
He further said, “As a bank that has continuously focused on innovation to keep pace with and meet the demands of a dynamic market, Bank Nizwa has been able to strike the right balance between technological advancements and sustainable practices. At the same time, our prudent management of risks and returns, strong adherence to international best practices and stringent compliance guidelines have helped us to overcome challenges in a highly competitive ecosystem.”
Sibos is the world’s premier financial services event organized by swift. The annual conference and exhibit connect throusand of executivers, decision makers and thought leaders from across the industry. Sibos 2022 also featured more than 150 insightful conference sessions across eight stages More than 250 speakers which are thought leaders, industry experts and financial specialists from around the globe. Recognising the various factors that can potentially impact the financial ecosystem, the event emphasised the need for digital transformation, embracing sustainable practices and ethical change as well as enhancing the capabilities of organisations to navigate through risks.
Bank Nizwa Wholesale Banking clients include SMEs, Mid Corporate, Large Corporate, Project Finance and Government business. With the growing size and reach of the bank, there is a diversified requirement from our clientele in sourcing global resources like raw material, equipements, remittances, establishment of LCs for import of goods and services. The forum provided the right opportunity for us to establish new contacts and further strengthen the existing relationship with Global Banks and instiutions in order to serve our customers better. The participation provided a great opportunity for the bank to establish its reputation among global peers. We believe that Bank Nizwa’s participation in conferences like Sibos is a testament to its unwavering commitment to staying abreast of the latest developments in the realm of sustainability practices, technological innovations and risk management strategies.
Being an Islamic bank, sustainability forms a critical pillar at Bank Nizwa and the bank has been mobilising resources towards positive environmental and social impact. Upholding the highest values of transparency, ethicality and integrity, the bank was the first to launch sustainability-linked financing in the Sultanate. Strongly aligned to Oman Vision 2040, the bank has also embraced technology to provide a seamless experience for customers, boost its operational efficiency, and enhance its adaptability to new scenarios. This has helped Bank Nizwa to become more resilient in the face of geopolitical, regulatory and cybersecurity risks.