Bank Nizwa said it has successfully achieved all set targets of its maiden five-year plan (2016–2020) and now set on a growth path.
The bank, in a press statement, said despite the unprecedented challenges brought about by the COVID-19 pandemic and persistent low oil prices, Bank Nizwa was able to stand tall against all odds and record a significant growth and profitability in 2020. Showing remarkable progress year after year, Bank Nizwa has acknowledged the efforts of its Wholesale Banking Group, recognising it as a vital contributor to its success.
During 2020, Bank Nizwa’s Wholesale Banking Group successfully signed landmark agreements with multiple organisations supporting public and private participation (PPP) by providing Sharia’a-compliant financing and services to leading projects in the sultanate, the bank said.
This includes the financing agreement of dates processing project with Nakheel Oman Development Company, where the Musharaka financing was slated to be used for the development and construction of state-of-the-art industrial processing complex in the Wilayat of Nizwa. The bank also signed a financing agreement with Oman National Engineering & Investment Company (ONEIC) to establish Sahalnoot sanitation network for Salalah Sanitary Drainage Services Co.
Recently, the bank signed a partnership deal with Arab Open University to finance the construction of its new campus in Oman supporting education being primary focus of the Oman Vision 2040 in having professionally skilled workforce to drive the economy and thereby attain prosperity for the nation.
“Bank Nizwa’s growing, multi-industry portfolio under its Wholesale Banking Group is a testament of the trust our clients place in our services. Islamic financing offers a variety of opportunities in different sectors and we’re honoured to be the preferred bank for our clients,” said Narasimhan, general manager of wholesale banking at Bank Nizwa.