Bank Nizwa Signs Agreement With Al-Badi Investment Group to Support SMEs in the Construction Sector
Reflecting its strong dedication to become the financing platform of choice for small and medium enterprises (SMEs), Bank Nizwa has recently signed a Memorandum of Understanding (MOU) with Al-Badi Investment Group, one of the leading and most diverse group of companies in the Sultanate. According to the exclusive agreement, the bank will offer its tailored Islamic finance facilities to SMEs looking to purchase heavy equipment and machinery from Chinese company SANY Group, one of the largest construction machinery manufacturers in the world. The MoU was signed by Khalid Al Kayed, CEO of Bank Nizwa and Ali Al Badi, Chairman of Al Badi Investment Group.
The signing ceremony was attended from Bank Nizwa side by Mr. R. Narasimhan, General Manager, Wholesale Banking and Mr. Abdul Ghafoor Yousuf Al Balushi, Head of SME and Commercial Banking and from Al Badi Group, Mr. Mohammed Khamis Al Badi, Director and Engineer Nehad Sherif General Manager.
“Bank Nizwa has been at the forefront of contributing to the economic diversification efforts led by the Omani Government by catering to various market segments and introducing specialized banking units and solutions. Our SMEs offerings demonstrate our proactive role in encouraging the expansion of the Sultanate’s entrepreneurial drive. By offering our suite of specialized Shari’a-compliant solutions, Bank Nizwa and through this collaboration with Al Badi Investment Group is effectively meeting the different needs of our expanding entrepreneurs’ customer base in multiple industries,” said Khalid Al Kayed, CEO of Bank Nizwa.
“We pride ourselves for providing superior levels of service and outstanding performance in the implementation of investment projects in the construction industry. This agreement with Bank Nizwa will help the up and coming SMEs segment secure the necessary funds to acquire construction machinery of the highest level. We are confident this will help them to sustainably grow their businesses and ultimately feed into one of Oman’s key sectors and economy,” said Ali Al Badi, Chairman of Al Badi Investment Group.
Bank Nizwa’s SME Banking Department operates with competitive rates and fully Shari’a-compliant financing solutions that suit the requirements of all business types. The department offers the options of Working Capital Facilities, Contract Specific Finance, Purchase & Leaseback Facilities, Goods Murabaha Finance, Equipment/Vehicles Murabaha Finance, Trade Finance Facilities, Ijara Facilities, Diminishing Musharika, Istisna Facility and Wakala Bil Istithmar.
Al-Badi Investment Group was founded over three decades ago. It consists of several companies operating in a variety of fields, including contracting, manufacturing, construction, trade, industry, advertising and tourism. These companies provide a variety of services and products to the Omani market, which makes the Group one of the major players within the local market.
The formation of Bank Nizwa came about with the Central Bank of Oman granting its initial approval to the licensing of the Bank to Sheikh Saud bin Ali Al Khalili. Sheikh Saud and a further 92 other Omani individuals, companies and pension funds constitute the founder shareholders of the Bank.
Bank Nizwa is Oman’s first dedicated Islamic bank, with fully Shari’a compliant products and services.
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