Bank Nizwa elects new Board of Directors

29/03/2016 07:46 AST

Bank Nizwa recently hosted its third Annual General Meeting (AGM) after a milestone year that saw the Bank reach the breakeven point and expand its Financing Portfolio by 99 per cent compared to the previous year.

Sayyid Amjad bin Mohammed al Busaidy, Chairman of the Bank, presented Bank Nizwa’s financial performance for the year ending December 31, 2015. Shareholders reviewed the Shari’a Supervisory Board’s Report and all transactions and contracts conducted by the Bank during the same period.

Additionally, Bank Nizwa’s Shari’a Supervisory Board was re-appointed. Shaikh Dr Abdul Sattar Abdul Karim Abu Ghuddah, Dr Shaikh Mohammed bin Rashid al Gharbi, and Shaikh Ibrahim bin Nasser al Sawwafi will in effect continue serving in their roles for another one-year term.

Shareholders also agreed on the new Board of Directors where five were re-elected and three new members joined the Board.

The Bank’s new Board is comprised of Sayyid Amjad bin Mohammed al Busaidi as Chairman, Shaikh Ahmed bin Saif al Rawahi in the role of Vice Chairman and Shaikh Muadh bin Salim al Ghazali, Shaikh Khalid bin Abdullah al Khalili, Shaikh Abdulaziz bin Khalifa al Saadi, Shaikh Saif bin Hilal al Ma’awali, Musabah bin Saif Aa Mutairi, and Hussain bin Yousif l Shalwani as members of the Board.

Sayyid Amjad commented on the occasion, “2015 was a momentous year for us as the Bank reached key milestones despite economic challenges.

During the year, Bank Nizwa’s income from jointly financed, investment and receivables increased by 82 per cent while total assets grew by 37 per cent. Both the Retail Banking and Wholesale Banking Divisions delivered a strong performance in 2015 which helped boost operating revenue to RO 11.9 million showing a growth of 58 per cent from 2014. ”

He went on to say, “Moving forward, we will be guided by the 2020 business strategy. The strategy has been built on five key areas: to increase financial performance, to deliver excellent customer service experience, to drive core business with efficiency and technological advancement, to build a high performance working environment and to enhance Bank Nizwa’s ability as a progressive organisation.”

Oman Daily Observer