Bank Nizwa is Oman’s first dedicated Islamic bank offering a unique banking experience that combines Shari’a-compliant products and services with today’s dynamic financial requirements. Since its inception in January 2013, the Bank has become a reliable partner to a growing customer-base, a market that is actively seeking an alternative to conventional banking. With a number of innovative and competitive propositions, its portfolio ranges from a full suite of personal banking solutions to relationship management and treasury products for global markets.
Bank Nizwa appoints Khalid Al Kayed as new CEO
The Board of Directors of Bank Nizwa, Oman’s first Islamic Bank, announced the appointment of Khalid Al Kayed as its new Chief Executive Officer. Al Kayed, in his new role will be driving the bank’s solid financial and operational performance forward with renewed vigor.
Al Kayed will be responsible for implementing Bank Nizwa’s strategy to continue creating value for all stakeholders. He will also manage and oversee all aspects of the bank’s business segments in line with Islamic finance principles including its Shari’a-compliant portfolio of products and services. Working hand-in-hand with the management team, he will look to further build the bank’s corporate and retail customers across various industries, while also identifying new initiatives and programs that will raise awareness on the benefits of Islamic banking to the wider public across Oman.
Prior to joining Bank Nizwa, Al Kayed was Deputy CEO & Chief Financial Officer at Jordan Dubai Islamic Bank, Chief Financial Officer at Standard Chartered Bank Jordan. A financial industry veteran with over 25 years under his belt, he held various posts, in a host of well-respected financial institutions.
Since inception in 2013, Bank Nizwa has been committed to redefining the banking experience for its growing customer base by offering a range of progressive and efficient financial solutions. For the period ended 31st December 2016, Bank Nizwa reported a 49% increase in total assets reaching OMR 516 million compared with RO 346 million at end of December 2015. Deposits accounts also increased by 86% serving more than 70,000 retail and corporate customers. The mentioned rates have contributed to the marking of another achievement for the bank, which led to an OMR 1,5 million operating profit. The year 2016 was also a year that witnessed a series of achievements. Most notably, the bank recorded net profit after provisions of OMR 110 thousands for the first time since inception, which represents a milestone toward achieving its strategic goals.
Moving forward, Bank Nizwa will continue its efforts to raise awareness on Islamic finance. To date, it has spear-head several industry-leading initiatives including the nation-wide roadshow, Islamic Finance Knowledge Series and the annual industry spectacle, Islamic Banking Knowledge Forum to name but a few.
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