The CEO of Bank Nizwa, Khalid al Kayed has been named as ‘Global Islamic Finance CEO of the Year 2020’ at the 10th edition of the Global Islamic Finance Awards (GIFA) 2020.
The award aimed at recognisingKayed’s pivotal role in leading Bank Nizwa to unprecedented growth, and in helping promote Sharia’a-compliant banking in the sultanate.
Commenting upon receiving the prestigious award, Khalid, in a press release, said, “I am truly delighted to receive this award from one of the world’s most respected forums for Islamic banking. I am convinced that this is the result of teamwork. I consider this recognition from GIFA 2020 as a testament to the dedicated support from the board members and the hard work of my colleagues at Bank Nizwa. The recognition is gratifying as it comes at a time when, as a team, we have delivered a landmark performance for Bank Nizwa during an especially challenging period.”
In the prevailing economic climate, Bank Nizwa recorded 37 per cent growth in net profit – the highest in the banking sector in the sultanate. The bank also booked a 14 per cent increase in total assets and grown shareholders’ equity by 9 per cent.
Kayed’s stewardship of the executive management team, under the guidance of the board of directors, has led Oman’s first Islamic bank to record retained profits for the first time, amortising total accumulated losses since inception, the press release said.
A financial industry veteran with over 25 years of experience, Kayed has served as acting CEO and chief financial officer at Bank Nizwa.
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