Muscat: Alizz Islamic Bank has completed all processes related to the integration of Al Yusr Islamic Banking. This includes the integration and transferring of customers, services, employees, assets, and liabilities from the Al Yusr Islamic Banking window to Alizz Islamic Bank’s operating system.
This merger, which is the first of its kind in the local banking sector, has led to the formation of a larger Islamic banking entity that can effectively compete in the market and meet the various financial services needs of the customers. The merger has received the unanimous support and endorsement from the boards of directors, and Sharia supervisory bodies of both banks.
The success of the merger between the two institutions has resulted in the formation of a new financial entity that will be more competitive, both locally and regionally, and in a position to promote the development of the financial sector in the Sultanate in line with the latest international standards. The merger brings together several synergies as the banks currently have complementary products, systems, technologies, and customer segments.
Alizz Islamic Bank now has a wider network of 17 branches in various governorates of the Sultanate. In addition to expanding the digital services network to complete banking transactions with ease, customers will have access to an award-winning mobile banking application which is considered one of the best applications in the local banking sector. Additionally, Relationship managers are available for individual and corporate services. The bank also offers various financial advice through its 24/7 call centre.
Commenting on the successful completion of the merger stages, Mr Sulaiman Al Harthi, Chief Executive Officer of Alizz Islamic Bank said, “We believe that this merger between Alizz Islamic Bank and Al Yusr Islamic Banking has created a favourable platform to expand the scope of our service infrastructure as well as enabling us to be accessible to more customers via our expanded network. The merger will help us branch out faster and increase the customer base of Alizz Islamic Bank and will provide us with the strong shareholders’ support which will enable facets related to financing and investment processes. It has also resulted in the bank having a wider geographical spread to operate on a larger scale.”
It’s important to note that Alizz Islamic Bank will enjoy stronger shareholders’ support post this merger and will be able to service its customers in a better way both locally and globally.
Alizz Islamic Bank is a wholly-owned and fully licensed Islamic banking subsidy of Oman Arab Bank, which is part of the extensive Arab Bank Plc network. With Oman Arab Bank and Arab Banks’ rich and proud history as one of the first financial institutions established in the Sultanate and the Arab world respectively, the Group provides a complete range of financial products and services for personal banking and corporate banking clients.
As part of a larger group Alizz Islamic Bank benefits from Arab Bank plc’s successful experience in Islamic Banking on an international level. This Synergy has helped create an enriching Sharia-compliant banking experience designed for today’s modern world, the bank has focused its investments on human capital and best of the breed of technology to ensure the delivery of exceptional, responsive customer service. Transparent processes and innovative products and solutions that are inspired by Islamic Sharia cater to the diverse needs of both commercial and corporate customers.