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Bank Nizwa recognized as the Best Wholesale Banking Service Provider – Oman 2021 by Global Business Outlook
Muscat. December 11, 2022. As the Sultanate’s first Islamic bank, Bank Nizwa has played a pivotal role in creating a strong Islamic finance ecosystem in the country. Its wholesale banking group, in particular, has achieved significant milestones in the past years and has been a vital contributor to the bank’s success. Recognizing the bank’s initiatives and the role its wholesale banking group has played in effectively contributing to the economic growth in the Sultanate, the Global Business Outlook (GBO) awarded Bank Nizwa the coveted title of the Best Wholesale Banking Service Provider – Oman 2021. The winners of the annual awards were announced on GBO’s official website.
On receiving the award, Mr. R. Narasimhan, GM Wholesale at Bank Nizwa said, “The Global Business Outlook Awards seeks to recognise and reward excellence in businesses around the world and we are extremely honored to have received this prestigious award. Over the years, Bank Nizwa has established its leading position in the wholesale banking segment with a strong suite of innovative products, a wide range of world-class services and a keen emphasis on customer satisfaction. At the same time, we have been at the forefront of encouraging individuals to opt for Islamic finance products while organizing several seminars to promote its benefits amongst our clients. Today, we are not only a bank for our customers, we are their financial advisors and partners.”
Aligning itself to the objectives of Oman Vision 2040, Bank Nizwa played an active role in promoting government initiatives by offering Sharia-compliant financing solutions as well as by extending resources to support projects of national importance. Considering SMEs as the engines of economic growth, Bank Nizwa has been committed to promoting its development by offering tailor-made solutions to SMEs. The bank’s notable increase in its SME customer base and business volume is a testament to the trust placed in the bank’s services.
R. Narasimhan added: “To enable us to better serve our wholesale banking customers, our well-diversified portfolio has been segmented into government and public sector entities, financial institutions and private-sector clients. The Wholesale Banking group at Bank Nizwa is working on a Universal Banking model approach which consists of 10 vertical business units. Our main objective is to provide a 360-degree solution to our clients, offering them unparalleled services and contribute to the development of each sector while simultaneously also helping the bank achieve steady growth,”.
Adhering to industry best practices, observing utmost transparency in all its proceedings and demonstrating the highest levels of operational efficiency, Bank Nizwa’s wholesale banking unit, in the last five years, has achieved an average growth of 36% in both asset and liabilities. Its portfolio has grown exponentially from USD 650 Million in 2015 to USD 4.25 Billion by the end of November 2021.
The Bank has a diversified its corporate finance portfolio in 23 major industry segments across Oman, covering clientele requirements in both tier1 and tier 2 cities. The Bank undertook a new approach by providing financing to green projects, PPP model, major logistics conglomerate, core industries like steel, cement as well as manufacturing of chemicals, components to PDO, construction and contracting companies as well as the first dry port of the Sultanate.
Bank Nizwa is committed to offering a comprehensive array of Shariah-compliant financing solutions to cater to the varying needs of its multi-industry client portfolio. The bank offers wide range of product & services including but not limited to working capital finance, import and export finance, long-term finance, documentary credit requirements, treasury services, Investment Advisory and project-based financing for its clients.
In line with the bank’s strategy to achieve sustainable growth while contributing to the socio-economic goals of the nation, Bank Nizwa’s wholesale banking group is well aligned with the Sultanate’s Vision 2040 and will remain invested in providing its clients innovative Sharia-compliant products and services that are growth-oriented, convenient and reliable.