Bank Nizwa empowers entrepreneurs with Commercial Finance for individuals

Bank Nizwa has introduced Commercial Finance for salaried individuals, a tailored new product that will allow them to acquire business assets and earn extra income. The first of its-kind proposition by an Islamic Bank in Oman provides customers with the needed funds with competitive profit rates and flexible repayment periods extending up to 10 years. With quick processing time, the bank is offering financing to individuals with a minimum monthly salary of OMR 500.

Dr. Jamil El Jaroudi, CEO of Bank Nizwa, said, “While designing the Commercial Finance for individuals, our main objective was to continue enhancing our diverse Shari’a-compliant product portfolio. In line with our 2020 strategy and supported by our Shari’a Supervisory Board, we will continue offering customized solutions to our growing base of Retail, Corporate, Commercial and SME customers.”

Asad Batla, AGM, Consumer Banking, Bank Nizwa further explained, “Since inception in 2013, we were presented with a challenge in facilitating commercial financing for individuals. With that in mind, our team specifically tailored this solution to help salaried individuals generate extra income through the purchase of commercial assets such as buses, trucks, agricultural equipment and more.  We believe salaried individuals are looking for ways to enhance their income.  All they have to do is to identify an income generating asset without the requirement of having commercial registration.”

Based on the Islamic Financing structure of Murabaha, this financing can be used for the purchase of commercial vehicle, earth moving equipment, plant & machinery, inventory items and other business assets. Committed to provide customer centric solutions, Bank Nizwa has continuously innovated its Sharia’-compliant product portfolio, offering efficient, reliable and secure services that also adapt to evolving digital platforms. Today, the bank offers a growing-range of products and services for individuals as part of its Retail Banking offerings, which include savings, current and investment deposit accounts, as well as home, personal and auto finance solutions.