Nizwa marks fruitful year as Capital of Islamic Culture 2015

Source: Ministry of Justice,
Oman.

Nizwa in Oman concludes the 2015 programme marking its selection as the Capital of Islamic Culture for the Arab region today, reports the Oman News Agency.

The project of Islamic Culture capitals was approved by the 3rd Islamic Conference of Ministers of Culture in 2001. The Islamic Educational, Scientific and Cultural Organization (ISESCO) chooses three cities each year from member states in the Organization of Islamic Cooperation (OIC) to be the capitals of Islamic Culture, representing the Arab, Asian and African Regions.

Nizwa was selected by the ISESCO to represent the Arab Region as a Capital of Islamic Culture for 2015 while Almaty, the previous capital of Kazakhstan, was selected to represent the Asian Region and Cotonou in Benin the African Region.

Nizwa Castle.

Nizwa is about 164 km from the capital Muscat. It used to be the capital city and continues to be one of the major scientific and cultural centres in Oman.

Interested?

Read the ISESCO blog post detailing Nizwa's history

Bank Nizwa offers bespoke shari'ah-compliant home financing for Al Mouj Muscat

Source: Bank Nizwa.

Al Mouj Muscat has partnered with Bank Nizwa to bring shari'ah-compliant home financing services to the destination for the first time. Under the agreement, prospective homeowners will have access to a full range of the Bank's financing solutions and competitive financing rates when purchasing property at Al Mouj Muscat.

Nasser Al Sheibani, CFO and Acting CEO at Al Mouj Muscat, said, "Underpinned by strong ethical principles, Islamic banking products are growing in popularity and I am sure there will be strong demand for the bespoke solutions Bank Nizwa has created to facilitate the purchase of residences on our waterfront community."

Dr Jamil El Jaroudi, CEO of Bank Nizwa said, "We are continuously looking to enhance our role as the leader of Islamic finance in Oman. Therefore, we are providing individuals looking to experience world class living in Al Mouj Muscat with a seamless and effective portfolio of home financing solutions catering to their various requirements and choices of real estate properties in one of the Sultanate's finest destinations."

The Al Mouj Muscat apartments, townhouses and villas are already home to more than 4,000 people of 69 different nationalities. The leisure and lifestyle destination is home to the 400-berth Almouj Marina, Almouj Golf, and commercial, social and entertainment hub The Walk. In 2016, Al Mouj Muscat will open the first of four planned luxury hotels. Further residential precincts, lifestyle assets and tourism experiences are under development and under construction.

Bank Nizwa's home financing products and services have gained a reputation for providing customers with competitive rates, transparent pricing, quick processing and approval. Designed to best suit the needs of prospective homeowners, the Bank's property solutions are based on the Islamic finance concepts of ijarah, murabahah, and forward ijarah.

State of Islamic banking in Oman

Islamic banking currently accounts for 6.5% of the Omani banking sector by assets at the end of September 2015, according to HE Hamoud bin Sangour Al Zadjali, Executive President of the Central Bank of Oman. Speaking at Bank Nizwa's 2nd Islamic Banking Forum in Muscat, Al Zadjali noted that the banking sector recorded a growth of 16.4% in the total assets to reach OMR 29.6 billion. 

Dr Jamil El Jaroudi, CEO of Bank Nizwa said, “Globally, the assets intermediated by the Islamic Banking industry have reached an estimated US$2 trillion. This growth is expected to accelerate further global expansion in response to increasing demand for shari’ah-compliant financial products and services. 

"It is based on this backdrop that Bank Nizwa has organised this event for the second year running, to shed light on some of the most pressing challenges in the current economic spectrum, explore opportunities and inspire new ideas that will benefit this thriving industry.” 

Bank Nizwa launches shari'ah compliant MasterCard family

Source: Bank Nizwa.

Bank Nizwa has launched a suite of shari'ah-compliant credit cards in partnership with MasterCard. The Bank Nizwa MasterCard credit cards offer financial flexibility in more than 35 million locations worldwide.

"Since inception, we have been providing customers throughout Oman with an enriched banking experience that caters to a wide range of segments, equipping them with the best options to meet their evolving needs," said Dr Jamil El Jaroudi, CEO of Bank Nizwa. "Today we are introducing four new cards to the Bank's long list of shari'ah-compliant products and services that offer the most flexible payment plans complemented by MasterCard's unmatched benefits, bringing seamless and more convenient ways to transact around the world."

Raghav Prasad, General Manager for Gulf Countries, MasterCard commented: "Through strategic partnerships, we are able to provide cardholders with value-added benefits, premium privileges and rewards. By collaborating with Bank Nizwa, we are actively rewarding MasterCard cardholders for using their cards to enjoy simple, safe and secure transactions."

Bank Nizwa's MasterCard rollout introduces the Basic, Standard, Gold, and Platinum cards. The cards were developed in line with the Islamic finance concept of qard al hassan, whereby customers will be charged a fixed monthly subscription fee rather than a percentage against their outstanding balances.

Bank Nizwa earns Best Performing Islamic Bank in Oman award at WIBC

In recognition of its role in spearheading the growth of Oman's Islamic finance industry, Bank Nizwa has won Best Performing Islamic Bank in Oman award at the 2015 World Islamic Banking Conference (WIBC) held in Bahrain. 

Bank Nizwa excelled in financial stability, financial performance, as well as governance and social responsibility, all part of the WIBC Leaderboard, an assessment tool specifically designed to gauge and list best performing banks.

Dr Jamil El Jaroudi, CEO of Bank Nizwa, said, "This win is another respected achievement for Bank Nizwa that demonstrates the determined efforts of the entire team to innovate and drive our growth, as well as that of Islamic finance in Oman.

"We will continue to elevate our performance and offer a competitive range of products and services that meet the evolving requirements of our expanding customer base."

The WIBC is the world's largest gathering of international Islamic banking and finance leaders. 

Interested?

View the full list of WIBC winners

Bank Nizwa raise awareness for cancer at Oman Cancer Association walkathon

Source: Bank Nizwa.

Aiming to heighten awareness of cancer prevention and early detection, members of Bank Nizwa’s Masoliyati volunteer programme and their families joined attendees at the 12th Annual Cancer Awareness Walkathon held in Muscat, Oman. The event was organised by Oman Cancer Association under the theme Don’t Wait Until It’s Too Late.

Since its inception in 2013, Bank Nizwa has been committed to giving back to the community and involving its employees in social causes that impact the wellbeing of society. The Masoliyati programme provides staff with opportunities to volunteer and champion charitable causes across the Sultanate, utilising the Bank’s human and financial resources to empower those in need.

The bank also participated in the event last year, demonstrating its commitment to supporting worthy causes as part of its corporate social responsibility initiatives.