Bank Nizwa, the leading Islamic bank in Oman, has been awarded the ‘Best Islamic Bank in Oman 2024’ title by the World Union of Arab Bankers, in recognition of its exceptional achievements and continued commitment to excellence.
This esteemed accolade underscores the bank’s ability to deliver banking services rooted in Islamic Sharia, while effectively addressing the evolving needs of its customers.
This accolade further underscores the remarkable performance recorded by Bank Nizwa in 2024, as per the statement.
Khaled al Kayed CEO – Bank Nizwa
“We are immensely proud to receive this recognition from the World Union of Arab Bankers. This accolade acknowledges our steadfast commitment to delivering exceptional banking experiences, distinguished by the integration of innovative Fintech solutions and our high service standards. Moreover, it reinforces our conviction in our ability to drive transformative change within the Sultanate’s banking sector and inspires us to continue developing advanced Sharia-compliant banking solutions that empower our customers to achieve their financial aspirations.”
Owing to various strategic initiatives and operational optimizations, the bank achieved a net profit of 32 million (OMR 12,431 million) for the period ended September 30, 2024, reflecting a notable 6 percent increase. The bank’s total assets mark a surge of 13 percent compared to the same period last year.
The financing portfolio saw a 14 percent growth, while customer deposits surged by 20 percent, reflecting the bank’s effective customer engagement strategies and the strong trust it has built with its stakeholders. Bank Nizwa continues to strengthen its position as the Sultanate’s most trusted Islamic bank, driven by its commitment to offering Sharia-compliant banking solutions that meet the diverse needs of the community, according to the statement.
