MUSCAT, NOV 22
In line with its core values, innovative mindset and commitment to sustainability, Bank Nizwa became the first Islamic bank in Oman to introduce Shariah-compliant eco-friendly credit and debit cards. The cards were revealed at an event held under the auspices of Dr Abdullah bin Ali al Amri, Chairman of the Environment Authority.
Designed to cater to different segments of customers’ needs by offering consumer-driven solutions that deliver value, the newly launched cards bring the best of sustainable practices, exclusive rewards and unparalleled convenience in one card.
The brand-new card collection is made from Polylactic Acid (PLA), typically derived from fermented plant starch, like corn. PLA bioplastics are environmentally friendly benefits since they are biodegradable compared to traditional plastic manufacturing. Switching to eco-friendly cards demonstrates the bank’s commitment to sustainability.
Commenting on the newly launched cards, Khaled al Kayed, Chief Executive Officer of Bank Nizwa, said, “As the leader in the Islamic financial services industry, Bank Nizwa recognised the importance of sustainability and formed a strategy that deeply focuses on the same. The approach was created to promote sustainable development in the Islamic banking domain by considering environmental, social and economic objectives.
“The next phase of our journey will heavily involve sustainable practices and we are dedicated to introducing products and services that have a long-term, positive impact on society.”
Later in remarks to the Observer, Al Kayed said the initiative was part of Bank Nizwa’s broader ESG commitments.
“Bank Nizwa has a strategic sustainability plan that includes a number of axes, the most important of which are the community and the environment, all within a framework of governance and compliance with best corporate practices.”
In support of its environmental commitments, the bank has introduced banking solutions that serve sustainability and are compatible with Islamic law, the CEO said, citing in the regard the example of sustainable financing for projects in the form of green sukuk.
“Today, it is the launch of banking cards that are compatible with Islamic Sharia and environmentally friendly, which we are proud of being the first bank in the Sultanate to step in this area, following the supreme directives to work on sustainability in all aspects, as well as Bank Nizwa that puts everyone in focus to provide what touches their needs,” he added.