Following the launch of its Initial Public Offering (IPO), Bank Nizwa is pressing ahead with the development of its operational capability, targeting a launch date in the third quarter of 2012. The bank has already chosen, and is fitting-out, premises for its branches in Muscat, Nizwa and Sohar which will open in the first phase of its operations. Bank Nizwa is planning modern premises focused around personal attention, comfort and convenience of the customers.
Dr Jamil El Jaroudi, CEO, Bank Nizwa said, “The demand for Sharia compliant finance is growing rapidly and there is a definite need for an Islamic Bank in every city of Oman. Our aim is to expand our network aggressively to give us a chance to serve all the people living in Oman in a Sharia compliant way.”
Dr Jaroudi added: “The investor events we have undertaken in support of our IPO have been a great forum for gathering further insight into our customers and the local business environment. As a result of these events and the feedback received we are pleased to confirm that we will be prioritising the opening of branches in the following locations as soon as possible: Salalah, Ibri, Sur, Barka, Rustaq and Ibra.”
“Cities like Salalah are becoming the next hub of exponential growth and Bank Nizwa considers it an opportunity and obligation to serve the customers in these places,” he added.
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