Muscat: In a strategic move to empower businesses, National Bank of Oman Islamic Banking window Muzn has introduced Muzn Tijarah Account, providing a unique solution for its valued customers. This Shari'a-compliant product is designed to offer corporates, SMEs, charity organisations, and entrepreneurs an innovative solution to generate compelling returns on their excess cash reserves. Muzn Tijarah operates as a tiered profit-earning account allowing businesses to earn on every riyal deposited. As the deposited amount increases, so does the expected profit rate.

Salima Al Marzooqi, Chief Islamic Banking Officer of Muzn, said: "We at Muzn, have been always at the forefront to empower businesses with innovative solutions for their ever-evolving needs. We are delighted to introduce the Muzn Tijarah Account, presenting a distinctive solution for businesses to effectively manage liquidity or surplus funds in a lucrative manner. This initiative reflects our commitment to providing innovative and flexible banking solutions; empowering our customers to make the most of their financial resources."

Based on the principles of Wakalah bil Istithmar, the Muzn Tijarah account directs funds into a Sharia-compliant investment pool. Profit accrual on the daily closing balance is a unique feature of this account, with the earned profit credited at monthly intervals. Unlike traditional Wakala fixed deposit accounts, the Muzn Tijarah Account offers flexibility with no fixed maturity term and no withdrawal limits.

The Muzn Tijarah Account offers the advantage of higher profit rates as one increases their deposits. It serves as a flexible deposit account, with no minimum balance charges, providing a cost-effective solution for efficiently managing excess liquidity.

Muzn also offers the flexibility of linking a Tijarah account with the customer's current account. In the event of any shortfall in the current account due to payments, the deficit is covered by transferring the available balance to the Tijarah account.

The NBO Muzn Islamic Banking Tijarah account addresses the specific financial needs of businesses and organisations in Oman and is accessible for opening at all Muzn branches in Oman.

NBO Muzn Islamic Banking's staunchness to innovation and customer-centric solutions has positioned it as a trailblazer in introducing these new products. By spearheading this evolution, NBO Muzn Islamic Banking window has set a standard for excellence and customer service in the Islamic banking sector. For additional information about Muzn's range of products and services, please contact 24770001.