Bank Nizwa elects new board of directors during third Annual General Meeting
Bank Nizwa’sShareholders, Board of Directors and Executives recently came together for the third Annual General Meeting (AGM). The AGM comes after a milestone year that saw the Bank reach the breakeven point and expand its Financing Portfolio by 99% compared to the previous year.
Sayyid Amjad bin Mohammed Al Busaidi, Chairman of the Bank, presented Bank Nizwa’s financial performance for the year ending December 31st 2015 while Shareholders approved the Director’s Report, the Corporate Governance Report, the Auditors’ Report and all Financial Statements.
Shareholders also reviewed the Shari’a Supervisory Board’s Report and all transactions and contracts conducted by the Bank during the same period. Additionally, Bank Nizwa’s Shari’a Supervisory Board was re-appointed. Sheikh Dr. Abdul Sattar Abdul Karim Abu Ghuddah, Dr. Sheikh Mohammed bin Rashid Al Gharbi, and Sheikh Ibrahim bin Nasser Al Sawwafi will in effect continue serving in their roles for another one-year term.
Shareholders also agreed on the new Board of Directors where five were re-elected and three new members joined the Board. The Bank’s new Board is comprised of Sayyid Amjad bin Mohammed Al Busaidi as Chairman, Sheikh Ahmed bin Saif Al Rawahi in the role of Vice Chairman and Sheikh Muadh bin Salim Al Ghazali, Sheikh Khalid bin Abdullah Al Khalili, Sheikh Abdulaziz bin Khalifa, Al Saadi, Sheikh Saif bin Hilal Al Mawali, Musabah bin Saif Al Mutairi, and Hussain bin Yousif Al Shalwani as members of the Board.
Sayyid Amjad commented on the occaison, “2015 was a momentous year for us as the Bank reached key milestones despite economic challenges. During the year, Bank Nizwa’s income from jointly financed, investment and receivables increased by 82% while total assets grew by 37%. Both the Retail Banking and Wholesale Banking Divisions delivered a strong performance in 2015 which helped boost operating revenue to 11.9 million Omani Rials showing a growth of 58% from 2014. ”
He went on to say, “We made good strides in scaling up our growth efforts in 2015 by revising our strategy to address the changing operating environment. Moving forward, we will be guided by the 2020 business strategy. The strategy has been built on five key areas: to increase financial performance, to deliver excellent customer service experience, to drive core business with efficiency and technological advancement, to build a high performance working environment and to enhance Bank Nizwa’s ability as a progressive organization. Our aim is to build on the achievements of 2015 and to continue delivering products and services that ensure the Bank’s long-term competitiveness and enhance value for our shareholders.”
With a focus on customer care, innovation, and service excellence, Bank Nizwa has grown in the last three years, far-reaching customers across Oman. A testament to its valuable contributions to the industry, the Bank received critical acclaim for the quality of its Shari’a-compliant solutions which include being named the ‘Strongest Islamic Retail Bank in Oman’ at the 7th Islamic Retail Banking Awards and the ‘Best Islamic Bank in Oman’ at the 6th annual Islamic Finance Awards.
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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