Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Tuesday, September 02, 2014  

Bank Nizwa begins Islamic banking operations
Staff Reporter

MUSCAT Bank Nizwa, Oman’s first dedicated Islamic bank, officially opened its doors to the public on Wednesday. The bank’s launch had been announced soon after the release of the Islamic Banking Regulatory Framework (IBRF) by the Central Bank of Oman (CBO).

Bank Nizwa will be the first bank in the Sultanate to provide services like account opening through identity cards for Omanis, and resident ID cards for expatriates; instant issuance of personalised ATM cards, instant issuance of personalised cheque books and much more.

Oman offers a supportive economic and demographic environment for the Islamic banking industry, marked by high GDP and stable population growth, said Jamil El Jaroudi, CEO of Bank Nizwa.

“The close correlation between financial assets expansion and growth in the economy in real terms should augur well for the Islamic banking industry,” he added.

“Besides, there is substantial unmet demand for Sharia compliant products, and Oman’s residents and corporates are looking forward to the launch of Islamic finance products in the market. This aspiration was clearly reflected in the overwhelming subscription during the IPO, where more than 99 per cent of the capital was Omani funds,” he added.

“The Islamic Banking Regulatory Framework, laid down by the CBO, has positioned the economy of the nation towards achieving greater success. The launch of Bank Nizwa will propel Islamic banking and the economy of Oman to a higher level of development,” said Sayyid Amjad Mohammed Ahmed Al Busaidi, chairman, board of directors, Bank Nizwa.

Jaroudi said: “We take pride in the fact that we are the first full-fledged Sharia-compliant bank in the country with products such as current accounts, savings accounts and personal finance as well as corporate business services and treasury operations. Our goal is to create an environment that serves as an inspiration for other Islamic banks and Islamic windows at conventional banks to begin operating in Oman so that the customer benefits from best practices.”

“Through the consistent application of the fair practices as laid down by the Sharia Laws we encourage social fairness, profit sharing and ethical conduct. We believe that these have been the pressing need of the people in Oman. With our customer centric approach we wish to create newer benchmarks in the world of banking,” he added.

Bank Nizwa is headquartered in Qurum, with additional branches in Nizwa and Sohar.

Sharia-compliant financial products and services are being adopted by Islamic banking customers worldwide. Bank Nizwa is championing the faith-based attitude of this sector to take the banking Industry and the economy of the Sultanate to new heights.

OMAN TRIBUNE
NEWS UPDATES
Oman
Meeting discusses safety at sea, pollution from ships
Haitham, Italian envoy discuss cultural issues
Archaeological site visitors rise
Second chance for registration for higher education
Constructions continue in wadis despite warnings
Orpic starts plan for women
Sewage plan to see big leap by ’20
Other Top Stories
Lesotho PM seeks help from African states to restore order
Syria army, rebels clash in Golan
Militias take control of Tripoli
Afghan talks on power-sharing deal collapse
Iran holds talks with IAEA on nuke research
India
Court urged to halt scrapping of some coal blocks
Government move on Teacher’s Day event draws allies’ anger
Tejinder arrested in Tatra bribery case
Gujarat to host Asia’s maiden ballistic research centre
Kerala to observe shutdown over RSS man’s killing
Nalanda opens after 800 years
Delhi, Tokyo pledge to develop closer, strategic partnership
Modi deplores some nations’ ‘expansionism’
Special team in PMO will fast-track Japanese investments: PM
UDF, LDF playing vote bank politics: Shah
Two Badaun rape accused get bail
Pakistan
Protesters storm PTV building
Hashmi claim of PTI-military links denied
School reopening hit as IDPs stay put in Khyber
Journalists face protesters’ anger in capital
Federal Women’s University to be launched in Islamabad
Middle East
Huthi chief issues civil disobedience call in Yemen stir
AQAP kills three for helping drone raids
Germany to send weapons to Iraqi Kurds fighting IS rebels
Salman to hold talks with Hollande in Paris
War cost Hamas half of its arsenal, but helped cement clout
Wounded Gazans find it tough to get long-term care
Asia
HK democracy activists heckle Chinese official
Knifeman kills 3 kids, jumps to death at Chinese school
Philippines foils airport bomb plot, 4 arrested
China varsity urges fight against ruling party criticism
2 die in NZ welfare office shooting, suspect held
N. Korea limits tourists’ phone use
Business
Euro zone, Asia factory activity slows in Aug.
Japan to invest $34b in India over next 5 years
Russia starts construction of $20.8b gas pipeline to China
Microsoft gets 20 days to reply in anti-trust probe
Nifty surges past 8,000 points, Sensex hits record
Reliance, Nippon launch funds for Japan investors
RBI ban on banks’ bond purchase hits infrastructure funding options
Micromax pips Apple in India
Maruti, Honda lead India sales
Investors wait for ECB move
Germany runs up GDP surplus of 1.1% in first half
China manufacturing growth slows in August
Europe
Kiev troops abandon airport
British terror suspects ‘may lose passports’
UK brain tumour boy’s kin resist extradition
Muslim engineer N-site ban upheld
French Socialists upset over PM’s ‘Tony Blair-style’ lurch
Sports
Al Harthy boosts title challenge
US, Spain continue fairytale run at Worlds
Zurutuza brace helps Sociedad stun Real
Napoli edge past Genoa, Inter held
Champions PSG too good for St Etienne
Stewart makes early exit on Nascar return
Zimbabwe thrashing rips open Aussies scars
Oman Sail and Thales provide sailing opportunity for children
Wozniacki sends Sharapova packing

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution