Bank Nizwa celebrates fifth anniversary

Muscat - 

Bringing together its employees, stakeholders and guests during a special gala dinner event, Bank Nizwa on Tuesday celebrated its fifth year anniversary as the sultanate’s pioneer Islamic bank.

Since inception in January 2013, the bank has been directing its efforts towards introducing innovative Sharia’a compliant tools, expanding its branch network and raising awareness and leveraging the potential of Islamic banking across Oman.

Sayyid Amjad al Busaidi, chairman of Bank Nizwa said, “When we set up Bank Nizwa as the first fully-fledged Islamic bank in Oman, we had a clear vision to build it up not only as the best performing bank in the Islamic banking sector, but a trend-setting, go-to reference institution.

This endeavour has paid dividends over the past five years owing to the unwavering trust of our customers earning Bank Nizwa an enviable position in the market as one of Oman’s fastest growing financial institutions.”

Khalid al Kayed, CEO of Bank Nizwa said, “We are proud of five years filled with achievements on all levels of operations, product and services portfolio and most importantly unparalleled levels of customer service excellence.”

Bank Nizwa reported strong financial results for the year 2017. The bank recorded 3,343 per cent growth in net profit after tax to RO3.78mn, achieving the highest growth rate in Oman’s banking industry for the financial year ended December 31, 2017. The bank also achieved a 35 per cent year-on-year growth in total assets.

With a 50 per cent rise in customer deposits, a 41 per cent surge in financing portfolio and a 29 per cent growth in operating income from December 2016 to December 2017, the bank successfully demonstrated strong resilience and performance across all its departments.

Kayed said, “This roster of milestones was achieved as a result of our unwavering commitment to partner with our customers in their progress - fulfilling and enriching their financial journeys. This customer-first approach has helped us in building a formidable banking franchise that has grown from strength to strength over these past five years.”

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