Muscat: Bank Nizwa, the most trusted Islamic bank in the Sultanate of Oman, continues to reinforce its commitment to promoting sound financial habits by encouraging customers to adopt a disciplined approach to saving through its Recurring Deposit solution. Designed to support customers in achieving their long-term financial goals, the solution offers complimentary Life Takaful coverage in addition to competitive profit rates, enabling customers to grow their savings with greater confidence while remaining fully compliant with Sharia principles.

The Recurring Deposit solution offers a flexible and structured savings framework, allowing customers to choose tenures ranging from one year to ten years, with a minimum account opening balance of OMR 5 for all customer segments. The solution also enables monthly deposits starting from OMR 5 for children and OMR 10 for adults. Profit rates under the Recurring Deposit program start at 2.09% for a 12-month tenure and increase progressively to reach 3.70% for a 120-month tenure. Under the newly introduced enhancement, eligible Recurring Deposit customers will also benefit from complimentary Life Takaful coverage of up to OMR 50,000 providing an additional feature of financial protection for customers and their families at no extra cost.

Commenting on the offering, Mr. Mohamed Al Ghassani, Deputy General Manager – Chief Retail Officer at Bank Nizwa, said: “The Recurring Deposit Account reflects our commitment to supporting the financial well-being of our customers by providing a flexible savings solution that enables them to make fixed monthly deposits on a regular basis, in line with different income patterns and savings preferences. The account also offers competitive profit rates that enhance the value of savings and deliver better long-term returns. Through this product, we aim to empower customers to achieve their financial goals with confidence.”

Driven by a deep understanding of customer aspirations, Bank Nizwa offers its Recurring Deposit solution in a manner that reflects the evolving needs and financial priorities of its customers. The simplicity of the process, combined with flexible contribution options, enables customers to incorporate saving into their daily lives with minimal complexity. This approach not only supports first-time savers but also helps individuals maintain consistency, reinforcing positive saving behaviours in a clear and practical manner.

As customer expectations evolve, Bank Nizwa remains focused on delivering solutions that align with individual aspirations while supporting broader financial stability. Through a continued emphasis on relevance, inclusivity, and value-driven offerings, the bank strengthens its role as a trusted partner in its customers’ journeys, contributing to a more confident and resilient society.