Muscat: Continuing to lead the Sultanate’s Islamic finance industry, Bank Nizwa has added yet another milestone in its journey, with the bank’s Internal Audit Group achieving the highest possible rating of “Generally Conforms” in an External Quality Assessment. The rating implies that the relevant structures, policies and procedures of the Department, as well as the processes by which they are applied, comply with the requirements of the Standards of Institute of Internal Auditors and Code of Ethics in all material respects.

The main objectives of the Quality Assessment were to evaluate conformance of Bank Nizwa’s Internal Audit Activities to the norms of Central Bank of Oman, Capital Market Authority and The Institute of Internal Auditors (IIA). They were also aimed at evaluating the effectiveness in carrying out its mission as set forth in its Charter, the expectations of Bank Nizwa’s Board Audit Committee and identify opportunities to enhance management and work process.

Speaking on this milestone, Sayyid Amjad Mohammed Ahmed Al Busaidi, Chairman Audit Committee, said, “Bank Nizwa is committed to the highest degree of corporate governance and enhancement of controls as it continues to provide value-added services to its ever-growing customer base. The results are a testimony to the effective risk-based internal audit services being administered at Bank Nizwa especially during these challenging and unprecedented times.”

As the largest and fastest-growing full-fledged Islamic bank in the Sultanate, Bank Nizwa is leading the sector’s growth through adopting best modern practices in its working methodology. The bank constantly seeks to demonstrate utmost resilience in all its operations, exhibiting exceptional performance across its various departments. Obtaining such accolades serves as a testament to its unceasing efforts and they rightfully manifest its most trusted position within Oman’s Islamic banking sector.

The Management of the Bank is successfully working towards the execution of various strategies and plans for growth, that contribute to national development and the country’s economic diversification agenda. With this in mind, the bank continuously maintains a strong focus on the enhancement of risk management and controls. 

Mr Nasser Said Mohammed Al Lamki, General Manager & Chief Audit Executive, Bank Nizwa stated: “The Internal Audit function provides independent assurance and reports its findings to all relevant management and governance bodies, accountable line managers, relevant oversight function and committee(s) of the Board. This achievement would not have been possible without unstinted support from our Board of Directors, Audit Committee, CEO and Management and last but not the least, the hard work and dedication of the Internal Audit team. As the bank grows, we shall further explore enhancements to our audit methodologies and approach using Artificial Intelligence (AI) and robotics.”

Bank Nizwa’s sterling efforts have put several awards and accolades to its credit. Winning over 30 local, regional and international awards in just over eight years of operation, the bank continues to hold the top spot among Oman’s Islamic financial institutions.