Wednesday July 6, 2022
As Oman’s leading Islamic bank, Bank Nizwa has been pioneering innovative digital financing solutions through strategic FinTech collaborations. Earlier in the year, Bank Nizwa agreed with the Islamic Finance Initiation Network (IFIN) to introduce the first-of-its-kind Shari’ah-compliant Fintech proposition that enables customers to avail of on-the-spot financing for their dream car. Starting the offer with instant auto finance solutions, the ‘10-minute financing process’ time provided a significant impetus to the proposition, enhancing the customer experience. In addition to the previously attained Mazda, Bank Nizwa recently joined hands with two more car dealers, Nissan and Toyota, in response to the dynamic demands of the market.
Commenting on the same, Khaled Al Kayed, CEO of Bank Nizwa, said, “Bank Nizwa has become synonymous with ‘innovation’ as we continue to explore untapped avenues, leverage it to our advantage and open new doors of opportunities that the entire Islamic banking sector can capitalise on. Our partnership with IFIN to introduce instant auto finance is one such initiative and its growing preference in the local market further validates this decision. On the one hand, the proposition has helped Bank Nizwa strengthen its bonds with retailers, SMEs, corporate companies and regulators. On the other, it has led to improved customer satisfaction levels.”
Adding Nissan and Toyota to Bank Nizwa’s ‘Instant Car Financing’ proposition will give customers an enhanced range of options to choose from when buying a new car. In addition, owing to a versatile credit decision engine, customers will benefit from an easy application process, quick turnaround time and an overall seamless purchasing experience. Customers can complete the entire car financing process at the participating car dealers’ showrooms without visiting the bank’s branches.
Al Kayed added, “Making the most of our ongoing investments in technology, we were able to digitalise and automate workflows, thereby reducing operational costs, mitigating the risks of Shari’ah non-compliance and most importantly, minimising processing time. In an era where time is directly linked to customer satisfaction levels, we emphasise delivering a ‘10-minute financing process’ time – a unique feature that has contributed to giving the proposition considerable momentum.”
Eligible customers can benefit from the many special feature of instant auto finance. These features include quick turnaround time, processes that adhere to the principles of Shari’ah, and highly competitive profit rates start from 4.85 per cent, with a payment window of up to 10 years. Furthermore, all prices and charges are transparent and free of hidden fees. The process is hassle-free and seamless. Being an Islamic financial institution, Bank Nizwa’s ongoing initiatives, whilst being customer-centric, also focus on supporting various industries. In this case, the instant finance option will contribute to customers’ purchasing power and will also drive sales amongst automobile dealers.
A Shari’ah-compliant, multi-institutional, multi-product, multi-channel Islamic fintech solution, IFIN resonates with Bank Nizwa’s values of promoting transparency in operations, simplifying technology to enhance customer convenience, and prioritising innovation as a fundamental pillar of progress. Through meaningful partnerships like these, Bank Nizwa will continue to uphold its position as a pioneer Islamic bank committed to setting new benchmarks in its sector while advocating the benefits of Islamic finance.