In a testament to its triumphs and unwavering commitment to excellence in the realm of Islamic finance, Bank Nizwa, the Sultanate of Oman’s leading Islamic bank, recently garnered another prestigious accolade to its repertoire. The bank was named the ‘Islamic Bank of the Year’ at the distinguished Islamic Banking and Finance Summit and Awards. Accepting the award on behalf of the bank was Mr. Salim Al Maharbi, Chief Financial Officer at Bank Nizwa.

Hosted by Alam Al-Iktisaad, the premier Arabic business magazine in the country, the event was graced by His Excellency Tahir Salim Al Amri, Executive President, Central Bank of Oman, as the Chief Guest. The gathering also witnessed the presence of esteemed dignitaries, top executives from the Islamic finance sector, decision makers and thought leaders.

Commenting on the achievement, Mr. Salim Al Maharbi said, “We are delighted to receive this prestigious title as it signifies the acknowledgment of our relentless pursuit to set new benchmarks in the Islamic finance industry. This accolade serves as further impetus for us to continue innovating groundbreaking services, prioritizing digitalization, creating awareness about Sharia-aligned banking, and enhancing our customer service quality to ensure Bank Nizwa remains the most-trusted Islamic bank in the country.”

A noteworthy highlight of the summit was an insightful address by Mr. Salim, wherein he highlighted Oman’s Islamic banking performance over the past decade and Bank Nizwa’s consistent efforts to contribute to the sector’s flourishment. He also shed light on the importance of adopting sustainability policies within the Islamic finance landscape and identified key investment sectors that would benefit from Sharia-compliant sustainable financing.

The event also saw the participation of Mr. Saif Al Rawahi, AGM – Investment, Treasury, Government Relationship and Project Finance at Bank Nizwa, in a panel discussion titled ‘Embracing the Digital Era: Envisioning Islamic Finance for Economic Development’. The session delved into the significance of staying abreast of digital advancements in the banking industry to make services convenient and accessible, thereby contributing to the progress of the industry and broader socio-economic development.

Over the past year, Bank Nizwa has been honoured with a host of accolades, notably securing the titles of 'Strongest Islamic Bank' at the Islamic Retail Banking Awards 2023, 'Best Bank in the Mid-Size Banks' category, and 'Industry Leadership in Innovative Islamic Banking Services' at the New Age Banking Summit, among others. These distinguished awards serve as a testament to the bank's premier position within the nation's Islamic finance industry, exemplifying its esteemed reputation as trailblazer in advancing progress and innovation within the sector.

Bank Nizwa’s receipt of this award not only underscores its proactive efforts to stay ahead of the curve, but also highlights its commitment to establishing new standards of product diversification and service quality, always with the best interests of its customers at the center. Furthermore, the bank’s participation in industry events demonstrates its role as a pioneering Islamic bank that inspires change through thought leadership, and steers the industry to new heights with a comprehensive growth strategy.