MUSCAT, JUNE 18
International ratings agency Moody’s has assigned first-time ratings of Baa3 to Bank Nizwa. The rating was made following a comprehensive long-and short-term assessment of the bank’s local and foreign currency deposits, allowing it to also receive a B1 Baseline Credit Assessment (BCA).
The achievement recognises Bank Nizwa’s strong foundation as a solid Islamic financial institution underpinned by tailored products and services that continue to meet the needs of customers across the Sultanate, the Muscat-headquartered Islamic bank said in a press statement.
Moody’s rating reflects Bank Nizwa’s strong performance and the increasing penetration of Sharia compliant banking assets in Oman. As a result, the bank was also given Counterparty Risk Assessment of Baa2. The bank’s success has been driven by its continued ability to grow its local assets in a sustainable manner that supports its overall success and feeds into the development of Oman’s Islamic finance sector, it said.
Sayyid Amjad bin Mohammed al Busaidi, Chairman of Bank Nizwa, said, “Our investment grade ratings highlight the strength of our capital buffers, asset quality, and long-term vision of transforming Sharia compliant banking in Oman. Moody’s outlook confirms our commitment to maximizing shareholder value and bringing the very best Sharia compliant solutions to the Sultanate.”