In recognition of its leadership in the Islamic banking sector, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, was awarded the ‘Islamic Bank of the Year’ award at the New Age Banking Summit 2024, for its exceptional performance. Additionally, the bank was also titled ‘Best Bank in the Mid-Size Banks’ in the Sultanate based on a study conducted by Oman Economic Review (OER) magazine, which evaluated the financial performance of banking institutions. The awards were graciously accepted by Mr. Khaled Al Kayed, Chief Executive Officer, Bank Nizwa, on behalf of the bank.
This recognition underscores Bank Nizwa’s persistent efforts in driving the economic development of the country. It highlights the bank’s significant role in advancing innovation within the banking sector to enhance services in the Sultanate, creating an environment that promotes financial inclusion and improves operational efficiency resulting in enhanced customer service. In doing so, Bank Nizwa sets a distinguished example of banking innovation, supporting the country’s sustainable development goals.
We are honoured to receive this recognition, which reflects Bank Nizwa’s outstanding prowess in the Islamic banking sector and highlights the leading role the bank plays in the country’s economic development journey. We regard this award as a driving force that propels us to continue our journey towards greater achievements, further cementing our leadership on the map of the Islamic banking sector within the country. We will continue to introduce modern banking solutions that comply with Sharia principles and integrate the latest digital technologies into banking transactions to provide secure and seamless financial services that meet all the growing and evolving needs of customers; driving Islamic banking towards new horizons of growth and innovation.
Mr. Khaled Al Kayed, Chief Executive Officer, Bank Nizwa
It is worth noting that Bank Nizwa recently announced its financial results for the second quarter of this year, showcasing promising financial performance. As of the end of June 2024, Bank Nizwa’s financial results indicated an 11% growth in net profit, with total assets reaching 1,673 million Omani Rials, a 7% surge compared to the same period last year. Financing to customers grew by 9% to 1,442 million Omani Rials, while customer deposits increased by 10% to 1,365 million Omani Rials compared to the same period last year. These remarkable achievements affirm the effectiveness of Bank Nizwa’s growth strategy and underscore its leadership in the Islamic banking sector in the Sultanate of Oman.
The receipt of these awards highlights Bank Nizwa’s diligent efforts in alignment with Oman Vision 2040, which serves as a strategic roadmap for sustainable development in the country. By focusing on actively supporting national priorities, Bank Nizwa has significantly contributed to achieving economic diversification, innovation, and enhancing financial inclusion; thereby driving economic development towards promising horizons to build a bright future for the country.
