First Annual General Assembly meeting held
MUSCAT -- Total assets of Bank Nizwa, the Sultanate's first Islamic Bank, amounted to RO 195.997 million as of December 31, 2013, the shari'a-compliant lender announced at its first Annual General Assembly meeting held last week.
"Since our establishment as Oman's first Islamic bank, we have made history and we have entered 2014 in a very strong position. Now is the time to focus on enhancing our balance sheet to achieve sustainable profitability," said Sayyid Amjad Mohammed al Busaidi, Chairman of Bank Nizwa.
Shareholders gathered to take an in-depth look at the progress which Bank Nizwa has made since opening its doors. They were reminded of a year that has been characterised by important steps such as generating awareness of Shari'a compliant banking and finance in the Sultanate, the expanding of the banks network across Oman to reach seven branches and the development of an innovative portfolio of Islamic products and services including savings & current accounts, home finance, personal finance, auto finance and investment banking.
The Chairman advised that Bank Nizwa was in a very strong place with Islamic deposits growing consistently with market growth. Total assets for the bank as of December 31, 2013 stood at RO 195,996,928, of which 16 per cent was a result of directly financing retail and corporate customers. The bank, although posting an operating loss, was ahead on its budgetary forecasts due to a stringent management of costs.
"In the past year we have taken the lead in being the Islamic bank that is breaking boundaries and heading the charge for successful Islamic banking across Oman. We can confidently say that Bank Nizwa is going from strength to strength," Al Busaidi said.
Shareholders at the Annual General Meeting also gained deeper understanding through reports of the expertise of the Bank Nizwa team, made up of banking and Islamic finance professionals coupled with a pool of industry experts at managerial level who have the know-how to establish a prosperous and stable economy.
© Oman Daily Observer 2014
