Since its inception as Oman’s first Islamic bank, Bank Nizwa has been at the forefront of introducing, developing and enhancing Islamic banking in the Sultanate. Renowned for its Shariah compliant range of attractive and efficient financial solutions, the bank has quickly grown to be the rising star it is in Oman’s financial services industry.
Going the extra mile
With Bank Nizwa, innovation continues to be a catalyst that shapes the way it responds to the evolving needs of customers. The results of its push to develop new, value-added financial solutions have led to landmark results across multiple divisions. The retail banking unit has launched a number of new Shariah compliant instruments to help customers acquire the automobiles and homes of their dreams. Enriching the lives of customers with greater choice and convenience, the bank also launched its first dedicated mobile app in 2015, granting users greater accessibility than ever before. Going the extra mile to reaffirm its commitment toward customer satisfaction, the bank also launched a full suite of Shariah compliant credit cards in partnership with MasterCard. The move proved to be a milestone, introducing the widest range of Shariah compliant cards in the market and offering customers greater financial flexibility with access to over 35 million locations worldwide.
Reaching out to communities
In line with its strategy to reach out to customers, the bank achieved its expansion target for the third year running with the launch of its 11th branch in the governorate of Buraimi. Today, the bank’s retail presence extends across Oman in Muscat, Ghoubra, Al Khoud, Barka, Nizwa, Samail, Sohar, Ibra, Sur, Al Buraymi and Salalah.
An industry leader in Oman and beyond
In 2014, Bank Nizwa launched its flagship industry initiative, the Islamic Banking Knowledge Forum. Attracting participants from across the sectors, it was designed to promote cross-industry collaboration, dialogue and the sharing of best practices. Held again in 2015, the second edition proved to be even bigger and focused on the region’s economic outlook. Attended by more than 150 government and public sector representatives, the second edition served as a platform for industry experts to address the challenges and opportunities within the sector, as well as the bigger picture of the regional economic climate.
Raising awareness on Islamic finance
From the very beginning, Bank Nizwa has taken upon itself to empower communities with the knowledge and understanding of the benefits of Shariah compliant solutions, presenting them with new, untapped opportunities. The bank launched a country-wide roadshow called ‘Islamic Finance Knowledge Series’, conducting sessions that benefited more than 1,000 individuals form the public, private and educational intuitions in its first year.
Powered by Oman’s brightest
The driving force behind the bank’s success story is its employees, who are encouraged and empowered to lead the growth of this emerging industry in Oman. More than 700 training programs have been conducted in 2015, reflecting the bank’s commitment to attracting and training the best of the best talent. The bank’s ability to retain and develop top talent is exemplified in its board of directors, which comprises Sayyid Amjad Mohammed Ahmed Al Busaidi (chairman), Shaikh Ahmed Saif Al Rawahi, Hussain Yousif Al Shalwani, Musabah Saif Musabah Al Mutairy, Sheikh Saif Hilal Nasser Al Mawali, Sheikh Khalid Abdulllah Al Khalili, Sheikh Muadh Salim Al Ghazali and Sheikh Abdulaziz Khalifa Al Saadi. As for its Shariah Board, its members provide insight and ensure compliance to Islamic banking principles in all operational and financial aspects. The Shariah Board comprises chairman Dr Abdul Sattar Abu Ghudah, Sheikh Ibrahim Nasir Al Sawafi and Dr Mohammed Rashid Al Gharbi.
Giving back
Corporate stewardship has always been an integral component of the bank’s ethos, allowing it to give back to the community through a wide range of social, economic, and industry-related activities with a number of key organizations and entities. In an effort to continue its support and endorsement of Islamic values, Bank Nizwa partnered with the Ministry of Endowment and Religious Affairs to support a Zakat campaign during the holy month of Ramadan. The bank also offered customers an option to pay Zakat by depositing cash or regular direct transfer. In addition, Bank Nizwa maintains its own volunteering program called ‘Masoliyati’, for employees of the bank looking to volunteer and champion charitable initiatives across the Sultanate. To date, the program has successfully conducted Iftar Sa’em outreach initiatives during the month of Ramadan, clean-ups to protect and preserve Oman’s natural architectural history as well as beaches, and blood donation drives.
Soaring high with accolades
Since inception, Bank Nizwa has won a number of prestigious awards and accolades for its role in the development of Islamic banking in Oman. In 2015 alone, it won more than four awards. In addition to being named the ‘Best Performing Islamic Bank in Oman’ by the World Islamic Banking Conference, the bank also received the ‘Best Islamic Bank in Oman’ title at the 6th annual Islamic Finance Awards, the ‘Best Employee Retention and Motivation Program’ award at the annual Middle East Call Center Awards and was recently honored with the ‘Strongest Islamic Retail Bank in Oman’ title at the 7th World Islamic Retail Banking Conference.