26/01/2015 12:34 AST
Bank Nizwa, Oman's first Islamic bank, recently hosted the Right Honorable Alderman Alan Yarrow, Lord Mayor of London, at its Head Office. This visit is second of its kind from the City of London Corporation. Received by the Chief Executive Officer, Dr. Jamil El Jaroudi, some Board members and the Senior Management Team of Bank Nizwa, the British delegation explored the journey and progress of the bank to date, whilst discussing key market trends and challenges of the global industry. The British delegation included H.E. Jon Wilks, British Ambassador to Oman and a business delegation made up of Islamic banking specialists of the British financial sector to name a few.
"Oman is currently cementing its position as a regional center of Islamic banking, and as we continue to do so, developing international partnerships with 30 year old Islamic banking markets like London will undoubtedly prove to be of great value to our infrastructural progress. To extend the exponential growth of Islamic banking in Oman, it is essential that we are able to construct a robust financial framework that can accommodate our future developments and market trends. Who better to do this with than the world's foremost financial arena and Europe's leading center for Islamic finance," commented Dr. El Jaroudi. "Bank Nizwa is honored to receive the Lord Mayor and his delegation for a second year, and in retrospect this visit is representative of our status as an industry pioneer in the Sultanate given our young name in the market."
Commenting on meeting with Bank Nizwa, Allan Yarrow, the Lord Mayor of London said, "The United Kingdom (UK) is Oman's largest foreign investor, generating pools that exceeded £600mn (approx. OMR 349mn) in 2013 alone. As an Ambassador of the leading global center for infrastructural development, my interests lie in working with the Omani banking sector to help bring ambitious aims to life by sharing our experience and expertise with financial solutions such as Sukuk."
The UK is the only non-Muslim majority country to issue sovereign Sukuk in the history of Islamic banking in 2014 with a value totaling £2.3bn (approx. OMR 1.4bn), which highlighted the strong demand from the marketplace as the initial required amount was £200mn (approx. OMR 115mn). "We are looking to build on the strong bilateral relations between Oman and the UK which will aid the Islamic banking in Oman to drive its market share closer to industry forecasts," concluded the Lord Mayor of London.
Bank Nizwa's partnership with global market leaders is an integral factor in its operational developments. As Oman continues to build its international relations, Bank Nizwa aims to spearhead the growth of Islamic finance and lead the segment's market share toward reaching industry forecasts that suggest a plateau of 10% by 2018.
About Bank Nizwa
Bank Nizwa is Oman's first dedicated Islamic bank offering a unique banking experience that combines Shari'a compliant products and services with today's dynamic financial requirements. Since its inception in January 2013, the Bank has become a reliable partner to a growing customer-base seeking an alternative to conventional banking. With a number of innovative and competitive propositions, its portfolio ranges from a full suite of personal banking solutions to relationship management and treasury products for global markets.
With less than two years of operations, Bank Nizwa has expanded its reach, opening ten branches across Oman in Muscat, Ghoubra, Al Khoud, Barka, Nizwa, Samail, Sohar, Ibra, Sur and Salalah. As of June 30th 2014, its total assets reached OMR 236 million, representing a 39% growth over the same period in 2013 with shares traded on the Muscat Securities Market (OM: BKNZ). Further information on Bank Nizwa is available on www.banknizwa.om.
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