Bank Nizwa Offers Shari’a-Compliant Financing to Muscat Aviation Training Centre Customers

Press release
Published September 30th, 2018 - 10:04 GMT
Bank Nizwa, Muscat Aviation Training Center MoU
Bank Nizwa, Muscat Aviation Training Center MoU

Bank Nizwa signed an agreement with Muscat Aviation Training Centre (MATC) to provide their customers with Shari’a-compliant personal financing solutions. The partnership comes in line with the bank’s long-term strategy to bring Islamic banking closer to communities by tying-up with businesses across various sectors. Signing the agreement on behalf of Bank Nizwa was Arif Al Zaabi, Assistant General Manager Retail Banking and Capt. Hamed A. Al Jabri, Founder and CEO of Muscat Aviation Training Centre.

Under the agreement, Bank Nizwa will offer its personal finance product to the customers of Muscat Aviation Training Centre who wish to avail of Shari’a-compliant financing. The bank’s product provides needed funds with competitive profit rates and flexible repayment periods based on the Shari’a concept of Murabaha/Ijara. In addition to financing, customers will also enjoy a host of value-added benefits and services on their salary accounts.

Arif Al Zaabi, Assistant General Manager Retail Banking of Bank Nizwa said, “We are committed to redefine the banking experience for the people in Oman by offering tailored and innovative Shari’a-based products and services. As a pioneer Islamic institution, we operate with a long-term plan to drive maximum benefits from the bank’s host of products and services to a wide range of stakeholders.”

Capt. Hamed A. Al Jabri, Founder and CEO of Muscat Aviation Training Centre said, “We believe that Islamic finance is a flexible tool that can be leveraged in various industries, especially ours. Our agreement with Bank Nizwa is an extension to the great services we provide to our valuable customers.”

Muscat Aviation Training Center (MATC) is the first approved training centre in the Sultanate of Oman, recognized by the European Aviation Safety Agency (EASA). Founded in 2017 by Founder and CEO, Capt. Hamed A. Al Jabri, it delivers a ground-breaking initiative that aims to put Oman on the global aviation training centers’ map.

Muscat Aviation Training Center is an institution that covers every aspect of the aviation industry; pilots, cabin crew, ground staff, dispatchers, airport drivers and many more.

Bank Nizwa, started operations in 2013 to empower customers with a unique banking experience. The bank has been effectively adapting innovative Shari’a-compliant products and services with today’s dynamic financial requirements of all customers with a special attention to the most discerning ones. Over the past five years, the bank has witnessed steady growth in its customer-base as more people seek an alternative to conventional banking. With the concept of Islamic banking gaining momentum in the Sultanate, Bank Nizwa continues to offer reliable competitive propositions for customers looking to lead financially-secure lifestyles.

Background Information

Bank Nizwa

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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