“Since our establishment as Oman’s first Islamic bank, we have made history and we have entered 2014 in a very strong position. Now is the time to focus on enhancing our balance sheet to achieve sustainable profitability,” said Sayyid Amjad Mohammed Ahmed Al Busaidi, Chairman of Bank Nizwa at the banks first AGM which was held recently.
Shareholders gathered to take an in-depth look at the progress which Bank Nizwa has made since opening its doors. They were reminded of a year that has been characterized by important steps such as generating awareness of Shari’a compliant banking and finance in the Sultanate, the expanding of the banks network across Oman to reach seven branches and the development of an innovative portfolio of Islamic products and services including savings & current accounts, home finance, personal finance, auto finance and investment banking.
The Chairman advised that Bank Nizwa was in a very strong place with Islamic deposits growing consistently with market growth. Total assets for the bank as of December 31st, 2013 stood at OR195,996,928 of which (16 %) was directly financing retail and corporate customers.
The bank, although posting an operating loss, was ahead on its budgetary forecasts due to a stringent management of costs. In the past year we have taken the lead in being the Islamic bank that is breaking boundaries and heading the charge for successful Islamic banking across Oman. We can confidently say that Bank Nizwa is going from strength to strength.
Shareholders at the Annual General Meeting also gained deeper understanding through reports of the expertise of the Bank Nizwa team, made up of banking and Islamic finance professionals coupled with a pool of industry experts at managerial level who have the know-how to establish a prosperous and stable economy. Bank Nizwa puts its customer at the center of its activities and has invested in its people, processes and technology to assure the customer of an easy and valid banking experience.
Sayyid Amjad Al Busaidi, said, “Bank Nizwa is reaching far beyond the boundaries of conventional banking.” “We are setting new standards and paving the way for a new era in banking,” he explained.