In line with Oman Vision 2040 and its pioneering approach towards sustainability. Bank Nizwa Launches the First Sharia Compliant Sustainable Finance for Retail Customers in the Sultanate
Muscat: Committed to chart a strategic path towards a more sustainable future, Bank Nizwa has consistently assumed a pioneering role in spearheading green initiatives that have tangible, far-reaching implications on the macroeconomic landscape. In accordance with this unwavering dedication, the leading Islamic bank in the Sultanate of Oman recently announced the launch of a comprehensive suite of Islamic green financing solutions for home, automotive, and personal finance.
In continuation of Bank Nizwa’s efforts to enhance environmental awareness and encourage individuals to make sustainable environmental decisions, sustainable financing offers a competitive profit rate and reduced processing fees which make it an attractive option for those looking for financing solutions that combine environmental awareness with wise financial decisions.
Excited to announce the new Islamic Green Finance offering, Mr. Khaled Al Kayed, Chief Executive Officer at Bank Nizwa said, “The approach we adopt towards addressing environmental challenges in the upcoming decade will significantly shape the impact we have on our planet and on the wellbeing of the future generations. In this regard, it is imperative to acknowledge the pivotal role that financial institutions play in encouraging and enabling the essential shift toward a sustainable future. As an Islamic bank deeply rooted in the principles of Sharia, inclusivity, and environmental stewardship, Bank Nizwa considers this duty a fundamental cornerstone of its operations.”
He added saying, “Having established a commendable presence in the country and serving a substantial customers, we understand the strong influence we exert in the economy, society and environment. Hence, it is our responsibility to steer the transition toward a low-carbon society. Our innovative green finance will not only make sustainable finance a more competitive and accessible option but also catalyse the ‘green multiplier effect,’ wherein both the economic and environmental domains thrive in harmonious synergy.”
Geared toward achieving resource optimisation and nurturing a healthier, more socially conscious generation, the bank’s Personal Goods Finance will extend competitive green finance rates to individuals opting for smart or sustainable systems and those seeking financing for health and education which are one of the main components for the welfare of the society. Additionally, customers exploring Auto Finance will enjoy access to green finance rates when opting for electric or hybrid vehicles. In alignment with the Sultanate’s vision for sustainable urban development, Bank Nizwa’s Housing Finance accommodates clients who invest in smart homes constructed with sustainable materials and equipped with smart systems, making them eligible for highly competitive green finance rates.
Pioneering the introduction of innovative financial propositions in the local market, Bank Nizwa’s Islamic green finance solutions stand as a transformative milestone, seamlessly aligning the institution’s banking practices with the Sultanate’s holistic sustainability objectives. Notably, the bank’s sustainability-linked financing solutions and eco-friendly credit and debit cards, which garnered widespread acclaim upon their launch, underscore Bank Nizwa’s prominent role in extending purpose-driven financial offerings to pivotal sectors within Oman.
Through these strategically crafted initiatives, the bank has been propelling investments toward environmentally focused solutions, demonstrating a proactive commitment to fostering a green, circular economy. This commitment finds expression through active collaboration with diverse stakeholders, encompassing the community, government, and the broader market.
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