National Bank of Oman today announced the launch of a new Muzn Islamic Banking branch in Nizwa, the capital of Islamic culture, underlining its commitment towards providing a complete range of Sharia’a compliant products and services.
With the opening of Nizwa branch, the bank’s total Muzn branch network has reached 6, a testament to the bank’s concerted efforts to operate in strategic locations and to be able to reach all customers across the Sultanate. The opening of the new branch is also in line with the bank’s strategy to capturing further growth opportunities for Islamic Banking in the Sultanate.
The new branch was opened during a special ceremony held in the presence of H.E. Sheikh Dr. Khalifa bin Hamed bin Hilal Al Sadi, Governor of Al Dakhliyah, along with members of the Bank’s Senior Management team. The Muzn Nizwa branch focuses on serving Islamic banking customers in the area at their convenience through retail, corporate and institutional banking services.
The opening of the branch follows a period of unprecedented growth witnessed by Muzn Islamic banking division. Revenues for the first nine months grew by an impressive 117% to reach OMR2.4 million compared with 2014, an indication that the bank’s market share for Islamic banking products continued to grow consistently throughout the year. Muzn Islamic Banking also recorded an all-time high net profit growth to reach OMR 715,000, further strengthening the bank’s market leading position in the Sultanate.
To support the growth, the bank also introduced innovative services such as the Muzn SMS banking services and Retail Internet Banking that has been effective in dealing with higher volumes of transactions, improved customer experience and lower operational costs.
Commenting on the opening of Nizwa branch, Salima Al-Marzoqi, Head of Retail Banking- Muzn Islamic banking,said: “We are delighted to continue rolling out our branch expansion plans for Muzn Islamic Banking in keeping with the bank’s growth strategy and commitment towards promoting Sharia’a compliant banking in Oman.”
“Muzn Islamic Banking continues to go from strength to strength and has showcased an excellent first nine months of 2015, with our revenues increasing by 117% per cent and our balance sheet growing even faster. As we continue to focus on branch expansion and technology innovation in the coming months, we remain committed to capture further growth opportunities for Islamic Banking in the Sultanate.
National Bank of Oman was the first Bank in Oman to establish its flagship Muzn Islamic Banking window in 2013, and since then the dedicated concept has gained significant momentum. The bank aims to open more branches across the Sultanate to serve customers who seek Sharia’a banking solutions.
Muzn Islamic Banking customers can avail a full range of offerings including: Murabaha Auto Finance; Ijara Home Finance; Sale and Lease Back Finance; Muzn Current Account (Qard Hassan); Muzn Savings Account (Mudaraba); Wakala Investment; Flexi Wakala Account; Murabaha Working Capital Finance; Ijara MuntahiaBittamleek Term Finance and Trade Finance.