Establishing itself as one of the leading Islamic banking institutions globally, Bank Nizwa was recently awarded the prestigious title of the Best Islamic Financial Institution in 2020 in Oman by Global Finance.
Recognizing excellence across the Islamic Finance industry globally, winners of Global Finance’s 2020 Islamic Finance Awards received the recognition based on their improved financial performance together with a widened product portfolio, enhanced service, technology investment, and growth in their banking and market reach.
Being the only bank in the Sultanate to claim the title, Bank Nizwa continues to pave the way for Islamic finance in the country. Despite the current situation and economic challenges as a result of the COVID-19 pandemic, it recorded a staggering 31% growth in net profit last quarter, setting a new benchmark in the industry. In 2019, its total assets grew by 19% to reach $2.7 billion, while customer accounts doubled. With customer-centricity at its core, it capitalized on its electronic channels to further record an increase in its retail and corporate client bases.
Khalid Al Kayed, CEO of Bank Nizwa said: “We attribute our success to the dedication of our employees, the unfaltering support from our shareholders, and the continued loyalty that our customers have shown us. We will take every success as a motivation to continue to lead the industry, rolling out innovative products that will benefit our clients.”
“The title is not just an indicator of our success as a bank, but it also signifies the increase in customer confidence in Islamic banking as a whole. We are proud to be the drivers of this change. Even with the current set of economic challenges, statistical reports show that Islamic banks have fared better than conventional banks,” he added.
Bank Nizwa is the leading Islamic Bank in Oman and its long list of awards includes numerous local, regional and international recognition over the years. Recently, the bank was named ‘Financial Institute of the Year’ during the 2019 edition of the coveted MEED Awards. It was also on Forbes Middle East Top 25 listed companies in Oman. The bank also scooped two awards at the Global Islamic Finance Awards (GIFA) 2019, to name but a few. Bank Nizwa continues to invest in its people, enhance its infrastructure, and make the most of technological advancements to meet the anticipated growth of Islamic finance proactively.
Originally published on www.tradearabia.com