alizz islamic bank announces prelimenary 2013 financial results

alizz islamic bank (SAOG), Oman’s Most Innovative Islamic Bank 2013 by Global Banking and Finance Review, has announced its preliminary unaudited financial results for the period ending 31 December 2013.

Jamal Darwiche, Acting CEO, alizz islamic bank said, “The results were anticipated according to the initial feasibility study, plans and strategies. With our forecast to achieve up to 15% year on year growth for assets, financing or deposits, we are heartened by early positive signs in 2014 to address the major financial challenges we faced as the newest Islamic bank in the Sultanate. We are committed to producing world-class and competitive banking solutions that meet the growing demand of Shari’a compliant products and services tailored to the needs of our personal and corporate banking customers.”

Focusing its investments on human capital and latest innovative technologies, alizz islamic bank provides a wide range of pioneering products and services reviewed by its Fatwa & Shari’a Supervisory Board (FSSB), resulting in a growing number of customers seeing Islamic banking as an alternative to conventional banking.

Within a span of three months since its opening late September 2013, alizz Islamic bank has booked OMR 3.9 million worth of financing assets and accepted deposits of OMR 1.1 million. The Bank’s net loss for the period ending 31 December 2013 after absorbing start-up cost stood at OMR 3.2 million as forecasted.