Muscat: Committed to empowering customers in their financial journeys, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, offers a comprehensive product portfolio of Sharia-compliant financial solutions that deliver exceptional value to its clientele. In line with this, the bank’s Savings Account provides a secure option for financial growth with transactional flexibility. The bank also offers Recurring Deposit and Term Deposits which offer stable, systematic returns over a defined period. In addition, the Current Account delivers the necessary flexibility to manage daily finances. Together, these offerings exemplify Bank Nizwa’s dedication to promoting responsible financial practices, enabling customers to grow their wealth prudently, while benefiting from Sharia-compliant investment opportunities.
Commenting on these offerings, Mr. Mohamed Al Ghassani, Chief Retail Banking Officer at Bank Nizwa said, “As demand for Sharia-compliant financial solutions continues to rise, Bank Nizwa’s products have resonated strongly with customers seeking secure ways to manage and grow their wealth. Our Savings and Current Accounts, along with our deposit offerings, cater to diverse individuals—from minors and young adults embarking on their financial journeys to retirees looking for prudent investment opportunities. These products help our customers develop strong saving habits while providing a solid foundation for effective financial planning. At Bank Nizwa, we are dedicated to promoting a culture of savings and financial empowerment, while ensuring our customers have access to innovative, inclusive banking solutions that align with their values.”
The Bank Nizwa Savings Account provides unlimited transactions, hassle-free deposits and withdrawals, and access to a wide range of banking services, including standing instructions, pay orders, and local and international remittances. As a leader in Islamic banking, the bank combines modern banking conveniences with Sharia-compliant solutions. Customers can easily manage their finances through the bank’s secure mobile application, internet banking, and ATMs, with 24/7 customer support available through the call center. To facilitate all segments of the society, the bank does not apply any minimum balance charges.
The Savings Account is based on the concept of Mudaraba, where the bank acts as the Mudarib (investment manager) and the account holder as the Rab-ul-Maal (capital provider). The bank invests the account balance in Sharia-compliant opportunities within its general Mudaraba pool with anticipated profit rate, ensuring profits are derived from ethical investments in alignment with Islamic finance principles. Profits are calculated based on the monthly average balance and credited to customers’ accounts quarterly.
Bank Nizwa enhances convenience and accessibility for customers, allowing them to easily apply for a Savings Account through the mobile application, or visit their nearest branch to open an account in person. Additionally, customers can enjoy the instant issuance of debit cards through ITM machines or at their nearest branch. With seamless transaction capabilities, Savings Account holders can effortlessly make utility payments through various electronic channels. To further enrich the banking experience, account holders are also provided with a range of exclusive discounts and offers from partner merchants.
Bank Nizwa offers the Investment Mudarabah Deposit, providing its customers with the perfect opportunity to start their saving and investment journey. The account is available in Omani Rial and US Dollar, offering flexible profit payment options, whether monthly, quarterly, or annually. It features higher and competitive profit rates, along with the ability to withdraw the invested amount before the maturity date in emergency situations, all without any hidden fees. This reflects the bank’s commitment to providing innovative banking solutions that meet the needs of its customers.
Additionally, Bank Nizwa provides a Recurring Deposit service to further enhance its customers’ saving solutions. The account is the ideal choice for long-term saving to meet goals, such as funding one’s children’s education, planning for retirement, medical expenses, marriage, and family obligations. Bank Nizwa offers higher and competitive profit rates, with no hidden fees, along with flexibility in choosing the deposit date and ease of managing standing instructions, reflecting the bank’s commitment to providing innovative banking solutions that meet the needs of its customers.
These offerings exemplify the bank’s dedication to fostering strategic financial planning and responsibility, empowering customers to grow their savings and improve their financial well-being. By offering a range of Sharia-compliant solutions, flexible savings options and expert guidance, Bank Nizwa ensures customers are equipped to sustainably grow their wealth and secure a prosperous future.
