Thursday October 5, 2023
Oman's leading Islamic banking institution, Bank Nizwa, is delighted to announce the resounding success of its OQGN IPO program. Since its launch, the Bank has witnessed an unprecedented surge in registrations, underscoring the burgeoning demand for Sharia-compliant banking solutions within the Sultanate. This remarkable response reaffirms the trust and partnership of the Bank’s valued customers, highlighting their shared commitment to Islamic finance.
OQ Gas Networks floated 49% of its share capital via an IPO which is the biggest in the history of the Muscat Stock Exchange (MSX) with 2,122,005,720 shares offered for subscription. A premium energy asset, the IPO gives local and international investors the opportunity to be a part of a prominent and strategically important venture in Oman’s energy landscape.
The great demand from Bank Nizwa customers came as a result of the excellent services provided by the bank to customers to subscribe in the IPO through the bank’s mobile application and the extensive network of branches. The bank also participated in the awareness campaign launched by OQ Gas Networks across the Sultanate to raise awareness on the bank’s role in the IPO and how customers can submit their subscription through the bank’s channels.
As the leading Islamic bank in the country, Bank Nizwa ensures that all services provided under its umbrella are aligned with Islamic banking principles. As Collecting Bank for the OQ Gas Networks IPO, the bank provided its customers with the opportunity to make investments by verifying that all aspects of this collaboration are in accordance with Sharia guidelines. By adding such services to its repertoire, Bank Nizwa continues to cement its position as a formidable force in Oman’s financial landscape.