Bank Nizwa Honoured with Best Islamic Bank in Oman 2024 Award

Cementing the bank’s leadership in the Islamic banking sector; Bank Nizwa Honoured with Best Islamic Bank in Oman 2024 Award

Muscat: In recognition of its outstanding journey of excellence, Bank Nizwa, the leading Islamic bank in the Sultanate of Oman, was recently honoured with the ‘Best Islamic Bank in Oman 2024’ Award by the World Union of Arab Bankers. The award was presented at the Arab Awards & Commendations of Excellence 2024, held in Egypt. 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.

The prestigious award ceremony was attended by prominent dignitaries, distinguished C-suite executives, and decision-makers from the banking sectors across the Middle East and North Africa. On behalf of the bank, the award was received by Mr. Ahmed Al Waily, Head of Marketing and Corporate Communication at Bank Nizwa.

Reflecting on the honour, Mr. Khalid Al Kayed, Chief Executive Officer of Bank Nizwa remarked, “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.”

This accolade further underscores the remarkable performance recorded by Bank Nizwa in 2024. Owing to various strategic initiatives and operational optimizations, the bank achieved a net profit of OMR 12,431 million for the period ended September 30, 2024, reflecting a notable 6% increase. The bank’s total assets reached OMR 1,770 billion, marking a surge of 13% compared to the same period last year. The financing portfolio experienced a 14% increase, rising to OMR 1,507 billion, while customer deposits surged by 20% to OMR 1,440 billion, signifying effective customer engagement strategies and exceptional stakeholder trust.

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 tailored to the needs of the diverse segments of the community. The bank actively leverages its financial expertise to empower both individuals and businesses on their prudent financial journeys. As a leader in the sector, Bank Nizwa remains dedicated to driving transformation within the nation’s banking landscape and meaningfully contributing to the ongoing socio-economic development of the country.