MUSCAT: Bank Nizwa, the fastest-growing Islamic bank in Oman, is proud to celebrate its 10-year anniversary, marking a decade of exceptional growth and performance in the Islamic banking sector. The event was held under the auspices of Sultan bin Salem al Habsi, Minister of Finance and Shaikh Khalid bin Abdullah al Khalili, Chairman of Bank Nizwa. The gala celebration was hosted on March 6 in the Majan Ballroom of the Al Bustan Palace, a Ritz Carlton Hotel. The event highlighted the bank's achievements, growth strategy and future.
"As we mark this momentous occasion, we are grateful for the unwavering support of our shareholders, customers and employees who have played a pivotal role in our journey towards becoming Oman's fastest-growing Islamic bank. Over the past decade, we have successfully executed our strategy of delivering innovative Shariah-compliant banking solutions that meet the evolving needs of our customers. As we look to the future, we remain steadfast in our commitment to providing exceptional banking services that are grounded in Islamic principles and are aligned with the aspirations of Oman's Vision 2040. We are confident that Bank Nizwa will continue to play a leading role in driving the growth of the Islamic banking sector in Oman and contributing to the development of the national economy," said Shaikh Khalid bin Abdullah al Khalili, Chairman of Bank Nizwa.
Bank Nizwa, as a pioneer of Islamic banking in the country, is committed to expanding its reach throughout the Sultanate of Oman and increasing its branch network to serve all governorates and regions. The bank strives to provide financial services to the maximum number of customers and cater to their needs, no matter where they are located.
Bank Nizwa's unwavering commitment to its goals reflects its determination to strengthen its position as a leading financial institution in the Sultanate of Oman. The bank strives to meet the aspirations of its customers and the entire community, as it continues to enhance its services and expand its network.
Bank Nizwa's financial performance stands as a testament to its progress, as evidenced by a 20 per cent increase in net profit. Furthermore, the bank's total assets grew by 6 per cent, from RO 1,405 million in December 2021 to RO 1,486 million in December 2022. The gross financing portfolio also experienced a 10 per cent improvement to reach RO 1,242 million, while the total customer deposit portfolio increased by 7 per cent to RO 1,189 million.
In addition, the bank's operating income grew by 18 per cent.
In the ever-evolving landscape of the Islamic banking sector, Bank Nizwa has consistently demonstrated its unwavering commitment to innovation and excellence. With an acute understanding of the unique needs of its customers, the bank has emerged as a trailblazer in the industry, setting new standards for ethical and transparent banking practices. It prides itself on offering a range of cutting-edge financial products and services that are fully aligned with Islamic values and principles, catering to the diverse financial needs of its clients. With a team of experienced and knowledgeable professionals, Bank Nizwa is dedicated to providing efficient solutions that exceed customer expectations, ensuring that they receive the highest level of service and support.
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