Bank Nizwa joins hands with Ministry Of Commerce & Industry for second SME investment promotion workshop
Under the patronage of H.E. Dr. Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry, Bank Nizwa sponsored a workshop that empowered more than 150 prospective SME owners with the fundamentals of success and new investment opportunities. Organized by the Ministry of Commerce and Industry at the Hormuz Grand Hotel in Muscat, the event included interactive panels which witnessed participation of industry experts from the public and private sector.
Speaking at the workshop, Dr. Ashraf Al Nabhani, General Manager Corporate Support at Bank Nizwa outlined the bank’s role in the development of local entrepreneurs, highlighting the flexibility and transparency of its products and services all of which have been designed by a dedicated SME Banking Unit. He said, “Today, SMEs are playing a very important role in the Sultanate’s economic growth and account for as much as 90% of the corporate sector. Given their diversity and the nurturing environment created for them by the Omani government, we are working tirelessly to empower them and help them excel. Our participation in this initiative comes as part of our commitment to support the development of a strong SME sector through Shari’a-compliant solutions and skill-building seminars.”
He added, “The Islamic finance instruments we offer to SMEs provide reliable access to capital at excellent rates in addition to support and expert consultations. These products and services will drive SME growth and guide them through every stage of business development.”
Since inception, Bank Nizwa has strived to foster Oman’s entrepreneurial spirit by empowering SMEs with shari’a-compliant solutions including Mudaraba, Murabaha, Wakalatul Istithmar, Istisna, trade finance and Diminishing Musharaka among other tailored products and services to help them overcome the challenges commonly faced by new businesses. Established in October 2015, the Bank’s dedicated SME Banking Unit has used its expertise in supporting small businesses to grow the Unit’s portfolio to over 3 million OMR.
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.