Muscat: A landmark Memorandum of Understanding has been signed by National Bank of Oman’s Islamic Banking window, Muzn, and Oman’s Administrative Affairs Council for the Judiciary, for the provision of Shari’a compliant banking services. Under the exclusive agreement, Muzn will become the sole banking service provider to the Council and all its Courts spread across various locations in the Sultanate.
“Our innovative solutions will play an important role in transforming the Council’s payment infrastructure and help ease financial operations and banking transactions,” said Sayyid Wasfi bin Jamshid Al Said, Acting Chief Executive Officer at NBO. “We are very proud of this partnership. Over the years, we have fostered a profound and solid relationship with the government sector and remain fully committed to elevating the banking experience for the general public in our continued pursuit to become Oman’s bank of choice.”
Khalfan bin Nasser Al Mahrezi, Deputy of Courts General Administration, said, “This agreement comes in line with the Administrative Affairs Council for the Judiciary represented by the General Administration of Judiciary efforts to manage and preserve the deposited funds of the courts, and further improve the withdrawing and depositing procedures while applying the highest levels of supervisory and transparency. The agreement also paves the way to creating a foundation where financial dealings are controlled within an established framework, managed through a special program which is currently being developed by the Council.”
He added, “This signing aims to ease the financial and administrative procedures used by the courts to serve better the judiciary system and the people and help them save time and effort necessary to complete required transactions. We share same vision for innovation with Muzn Islamic Banking in applying leading technology and resources to implement world-class standards and advance our service offerings.”
The partnership is expected to streamline the Council’s payment infrastructure, providing Point of Sale (POS) services at more than 45 locations. Muzn will also provide Shari’a compliant investment solutions to the Council, which will maximize returns on funds.
As the first Islamic Banking Window in Oman, Muzn provides an all-encompassing range of Shari’a compliant banking services to deliver financial solutions to a growing customer base. The bank offers innovative, competitive and quality Islamic banking products and services while ensuring they are accessible to all.
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About Muzn Islamic Banking:
Muzn Islamic Banking is a licensed Islamic Banking Window operating in the Sultanate of Oman with the aim to deliver Shari’a compliant financial solutions for customers. Muzn Islamic Banking believes that Islamic Banking is for everyone, regardless of beliefs or geographical location. Part of the National Bank of Oman Group, which was founded in 1973, Muzn Islamic Banking became the first Islamic Window in the Sultanate in 2013. Muzn Islamic Banking is also committed to making a positive and sustainable difference in the community through the Bank’s corporate social responsibility programme.
For more information please contact:
Sudipta Dasgupta
TRACCS
Telephone: +968 24 649-099
Mobile: +968 94558787
Email: Sudipta.dasgupta@traccs.net
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