Bank Nizwa Launches Unique Bank Service Dedicated to Omani Youth

Bank Nizwa has launched services aimed at the youth segment that combine banking, lifestyle and social functions. The first-of-kind service by an Islamic banking institution in the Sultanate, has been designed to help younger Omanis make informed financial choices and introduce them to the benefits of specialized Shari’a-compliant solutions.

The announcement was made by Khalid Al Kayed, CEO of Bank Nizwa during his participation at the 1st Islamic Finance Forum, organized by the Department of Islamic Sciences at the College of Education at Sultan Qaboos University (SQU). The forum was held under the patronage of HE Sheikh Nasser bin Hilal Al Ma’awali, Chairman of the State Financial and Administrative Audit Institution and attendance of Bank Nizwa Board members, Sheikh Saif Hilal Nasser Al Mawali, and Ishaq Zayed Khalifa Al Mawali among other officials. With approximately 50% of Omanis under the age of 25, the new Shari’a-compliant service is specifically designed to help the youth lead financially secure lifestyles in years to come.

Khalid Al Kayed, CEO of Bank Nizwa, said: “This is a groundbreaking service, which is designed to communicate responsible banking to younger customers. It is the first dedicated Shari’a banking account for the youth sector and meets the future needs of those who are beginning their working life journey. As the bank of choice for all Omanis, we will continue to utilize technology to create seamless experiences for customers by putting Islamic banking at their fingertips. A key aspect of appealing to our youth customer-base.”

Since its establishment six years ago, Bank Nizwa has been at the forefront of contributing to the economic diversification efforts of the Omani Government by introducing specialized banking solutions for all segments of society. The launch is another example of Bank Nizwa’s customer-centric approach and leading status as the go-to reference for Islamic finance.

Bank Nizwa’s youth banking account offers profit pay-out - based on the Shari’a concept of Mudaraba- no minimum balance charges, access to all-digital experience, Access to all OmaNet ATM network.

Bank Nizwa has become the go-to-reference for Islamic finance in Oman and organized various initiatives to raise awareness on the industry across the Sultanate. Bank Nizwa has achieved a 90 per cent Omanization rate and been at the forefront of empowering Omani talent in the Islamic finance sector. Last year, the bank grew by 98% and total assets rose by 25%, while total customer deposits were up by 35% year-on-year.