Committed to providing top-tier Shariah-compliant financial services, Bank Nizwa, the leading Islamic bank in the Sultanate of Oman, recently won the prestigious 'Best Islamic Bank in Oman 2024' title at the IFN Awards held in Dubai. This award marks the fifth consecutive year that Bank Nizwa has claimed this esteemed accolade, further underscoring its keen focus on upholding the highest levels of excellence in the Islamic banking sector.

Receiving the award on behalf of the bank was Mr. Khaled Al Kayed, Chief Executive Officer at Bank Nizwa. Reflecting on the achievement, he said, “The IFN Award, highly revered within the global Islamic capital markets, reaffirms our unparalleled leadership position in the industry. As a progressive and forward-looking institution, Bank Nizwa embraces a holistic growth strategy, driving innovation across all facets of our operations.”

He added saying, “This recognition not only serves as testament to our ability to spearhead transformative change and set benchmarks in the Islamic banking sector, but also exemplifies our dedication to delivering bespoke Shariah-compliant financial solutions. We remain resolute in our commitment to cultivating lasting relationships and empowering our customers to realize their financial aspirations."

This recognition is regarded as a testament to the outstanding performance demonstrated by Bank Nizwa in 2023. With a keen focus on operational excellence and prudent balance sheet management, Bank Nizwa bolstered its funding and liquidity positions, ensuring stability amidst market fluctuations. This approach, coupled with disciplined credit practices, led to a record-high net profit of Omani Rials 17.02 million in 2023, marking a substantial 13% increase compared to the previous year. In addition, the bank’s total assets grew by 8% to reach Omani Rials 1.6 billion, while the total portfolio of financing increased by 12% to Omani Rials 1.38 billion. The total customer deposits also rose by 6% to Omani Rials 1.26 billion, and total shareholders' equity grew by 3% to Omani Rials 253.5 million.

In 2023, Bank Nizwa marked a year of remarkable accomplishments, aligning closely with the Sultanate's drive towards fulfilling the sustainable development goals and the ambitious endeavors outlined in Oman Vision 2040. Most notably, the bank pioneered the introduction of the first Sharia-compliant sustainable finance product in the Sultanate, setting a precedent in the Islamic banking landscape of the region. This initiative aims to support and incentivize the transformation of the business sector into environmentally responsible and economically sustainable models. Moreover, the bank is making relentless efforts to enhance financial inclusion to improve the lives of customers and the community, and to raise public awareness of Islamic financing principles through its Islamic Finance Knowledge Series (IFKS). Recently, it launched the Sairafah program, in partnership with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)). The bank continues to lead the sector through its strategy of excellence and innovation.

Committed to its strategy, Bank Nizwa leverages its financial expertise by integrating innovative banking solutions that meet the needs of all segments of society, leading the digital transformation to streamline operations and enhance efficiency. This reinforces the efforts of the Sultanate in achieving sustainable development goals and bolstering the national economy, aiming for a brighter future for the country. It is noteworthy that Bank Nizwa's dedication to innovation and excellence has garnered widespread recognition and multiple awards, firmly establishing it as the premier financial ally in the Sultanate of Oman.