Oman – Bank Nizwa has achieved 80% of its end of 2014 targeted network expansion plan with the opening of its latest branch in Samail. The new addition is part of a two year strategy to open 10 full-fledged branches by January 2015 and bring the Islamic banking experience to the doorsteps of communities across Oman. The official opening ceremony took place at the new branch under the patronage of Sheikh Sultan Bin Abdullah Al Battashi, Deputy Wali of Wilayat Samail.
The Samail branch marks the eighth opening in less than 24 months, making Bank Nizwa the most widespread fully-fledged Islamic Bank in the Sultanate. “Islamic banking is rising in prominence and popularity in Oman as the offering is enhancing the product diversification in the banking industry and giving customers the benefit of choosing Islamic banking products and services,” expressed Dr. Jamil El Jaroudi, CEO of Bank Nizwa. “Our growing network is a direct response to anticipated market demand. By entrenching ourselves across the nation, we are not only getting closer to customers and better understanding their needs but also introducing our services to a wider audience that can present them with new, untapped opportunities.”
Dr. El Jaroudi went on to explain that Bank Nizwa’s branch locations are carefully identified and selected based on in-depth customer segmentation research, potential performance assessment and network optimisation analysis that takes into consideration current and potential customer behaviour and patterns, over and above geographic location and reach. To date, the Bank’s extensive network includes fully-operational branches in Al Qurum, Ghoubra, Nizwa, Al Khoud, Sohar, Ibra and Salalah.
Situated in Samail, the new fully fledged branch provides a portfolio of Personal Banking products and services to new and existing customers. This offering includes a selection of transactional and investment accounts, as well as finance and investment products such as auto finance, property finance and Mudharaba Investments to name a few. In addition, Bank Nizwa offers products serving corporations and government institutions. The Bank is also planning to provide a wide range of products and services to small and medium size enterprises in the near future.
The Samail branch opening reaffirms the Bank’s commitment to continuously invest in its ambitious yet calculated growth strategy. Infrastructure, training programs and technological capabilities form the bedrock on which Bank Nizwa will maintain its market leadership as the Islamic Bank of choice in Oman.
About Bank Nizwa
Bank Nizwa is Oman’s first dedicated Islamic bank offering a unique banking experience that combines Shari’a compliant products and services with today’s dynamic financial requirements. Since its inception in January 2013, the Bank has become a reliable partner to a growing customer-base seeking an alternative to conventional banking. With a number of innovative and competitive propositions, its portfolio ranges from a full suite of personal banking solutions to relationship management and treasury products for global markets.
With less than two years of operations, Bank Nizwa has expanded its reach, opening eight branches across Oman in Muscat, Ghoubra, Al Khoud, Nizwa, Sohar, Ibra and Salalah, and Samael. As of June 30th2014, its total assets reached OMR 236 million, representing a 39% growth over the same period in 2013 with shares traded on the Muscat Securities Market (OM: BKNZ). Further information on Bank Nizwa is available on www.banknizwa.om.
Originally published on www.zawya.com