Bank Nizwa , the first Sharia compliant Islamic bank in Oman will open its headquarters today at Al Qurum with its branches being opened simultaneously in Sohar and Nizwa. The bank will open more branches gradually. The launch was announced after the release of the Islamic Banking Regulatory Framework (IBRF) by the Central Bank of Oman (CBO). The launch of Bank Nizwa is expected to push Islamic banking and Omani economy attracting more deposits from Omanis, who have their deposits outside the country. Dr Jamil El Jaroudi, CEO Bank Nizwa , said yesterday at a press conference: "Islamic banking is based on the tents of Sharia, encompassing integrity, transparency, empathy and ethical conduct. Today the global Islamic banking industry assets are over $1 trillion with an impressive growth recorded in 2012. The industry's phenomenal success internationally can be attributed to its fundamental principle requiring financial transactions to be coupled with tangible economic activity". He added that dedicated and highly skilled staff as well as very experienced industry experts at the managerial level who are driven towards creating a prosperous society and a stable economy. Equipped with state-of-the-art banking systems and software, Bank Nizwa will offer its customers the best Islamic Banking experience. Bank Nizwa will be the first bank in the Sultanate to provide services like account opening through identity cards for Omanis and resident ID cards for expatriates; instant issuance of personalised ATM Card, instant issuance of personalised Cheque Book and much more. The bank is the first full-fledged Sharia-compliant bank in the country with products such as Current Accounts, Savings Accounts and Personal finance as well as corporate business services and treasury operations. Our goal is to create an environment that serves as an inspiration for other Islamic banks and Islamic windows at conventional banks to begin operating in Oman so that the customer benefits from the best practices," he added He added that through the consistent application of the fair practices as laid down by the Sharia Laws we encourage social fairness, profit sharing and ethical conduct. We believe that these have been the pressing need of the people in Oman. With our customer centric approach we wish to create newer benchmarks in the world of banking". Shari'a compliant financial products and services are being adopted by Islamic banking customers with fervour worldwide. Bank Nizwa is championing the faith-based attitude of this sector to take the banking Industry and the economy of the Sultanate to new heights. Oman Daily Observer
