Bank Nizwa Named ‘Strongest Islamic Retail Bank’ in Oman for the Fourth Time
Bank Nizwa, Oman’s leading Islamic bank was named ‘Strongest Islamic Retail Bank’ in the Sultanate at the Islamic Retail Banking Awards (IRBA) 2018. Organized by the UK-based financial intelligence house, Cambridge IF Analytica, and in collaboration with Hamdan Bin Mohamed Smart University (HBMSU) in Dubai, the award recognized the bank’s efficiency in terms of operations and management of its retail banking services for the fourth time.
Renowned for its Shari’a-compliant products and services catering to retail customers, Bank Nizwa’s fourth win came after a rigorous evaluation process conducted by a panel of independent experts. Safety levels, transparency and reliability of retail business transactions were also key factors considered in the evaluations.
The award was received by Arif Al Zaabi, Assistant General Manager Retail Banking at Bank Nizwa who commented, “It’s a great achievement to win this award yet again, emphasizing the success of our journey as Oman’s first Islamic bank. This win reaffirms our successful track-record in achieving Bank Nizwa’s long-term strategy that raises awareness on Islamic finance, its products and services and associated benefits for retails customers. We will continue introducing and enhancing our service offering to retail customers to empower them in leading financially secure lifestyles.”
In line with its strategy to empower communities with the benefits of Islamic finance, Bank Nizwa has been at the forefront of introducing progressive products and services. In addition, the bank has focused on expanding its reach across Oman through roadshows and partnerships with both the private and government sector. The bank has sustained its outstanding performance across its operations and customer service resulting in receiving more than 20 prestigious awards since its inception. The list of accolades includes, ‘Excellency in Financial Disclosure’ award, ‘Pioneer Islamic Bank in Oman’ award and the ‘Best Islamic Services and Products in Oman’ award to mention but a few.
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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