Bank Nizwa wins 'Islamic Bank of the Year' in the Corporate Livewire Finance Awards

13 February 2017

Muscat – Bank Nizwa celebrated four years of redefining Islamic finance in the Sultanate by winning the ‘Islamic Bank of the Year’ organized by the leading Corporate Livewire Finance Awards. This latest accolade joins a string of prestigious awards that celebrate the bank’s journey of sustainable growth through the delivery of excellence in product quality and service.

For the period ended 31^st December 2016, Bank Nizwa reported a 49% increase in total assets reaching OMR 516 million compared with RO 346 million at end of December 2015. Deposits accounts also increased by 86% serving more than 70,000 retail and corporate customers. The mentioned rates have contributed to the marking of another milestone for the Bank, which led to a OMR 1.5 million operating profit.

“We are honored to be distinguished as a market leader by Livewire Finance. This is a timely recognition that coincides with our fourth anniversary. It is the collective efforts of the entire Bank Nizwa family represented that have been the driving force to reaching such milestones. It also reinforces our goal of positively contributing to the development of Islamic finance in Oman and pushes us further in our journey to be the people’s bank of choice,” said Khalid Al Kayed, Acting CEO of Bank Nizwa.

He went on to say, “We believe that in order to sustain our position in the Sultanate’s financial market and to support our growth, we plan to continue to strengthen our financial performance and focus on innovation, market share, team and culture.”

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For the past four years, Bank Nizwa has been proactively leading the way in Islamic finance in Oman by providing innovative and tailored Shari’a-compliant solutions. In line with the country’s national strategy, the bank has been catering to various market segments including emerging sectors that contribute to the diversification of the nation’s economic resources. In addition to being named ‘Islamic Bank of The Year’ by the Corporate Livewire Finance Awards, the Bank has received a number of accolades celebrating its successful track record.

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© Press Release 2017