Bank Nizwa commercial banking achieves growth
Reflecting its strong dedication to become the financing platform of choice for entrepreneurs, Bank Nizwa’s SME & Commercial Banking achieved strong growth during the year 2016, according to a statement from the bank.
The department’s advisory services have been instrumental in helping a wide range of businesses adopt the most effective financial management practises and sustain business growth in a very cost effective manner. With a dedicated and well experienced team in place, the department is set to continue introducing tailored products and services in 2017 that will contribute to the sustainable growth of the bank’s assets. said the bank in a statement.
Bank Nizwa has been at the forefront of contributing to the economic diversification efforts led by the Omani Government by catering to various market segments and introducing specialised banking units and solutions. As a result, the introduction of its SMEs department in 2015 demonstrates the bank’s proactive role in encouraging the expansion of the Sultanate’s entrepreneurial activities. By offering its suite of specialised Shari'ah-compliant solutions, the bank is effectively meeting the different needs of its expanding SMEs customer base, said the bank.
Khalid Al Kayed, CEO of Bank Nizwa, said, “We have witnessed a surge of SMEs over the past few years, highlighting their increasingly important role in boosting to the country’s economy. They are a driving force and we can see this in the employment and investment opportunities they offer. We are undertaking the role of incubators by providing customised financial advisory services to the entrepreneurs of tomorrow.”
Narasimhan R., General Manager of Wholesale Banking at Bank Nizwa, said, “Having a team of dedicated and talented Omanis to interact with clients definitely plays a major role and adds value to our product offering. We are always looking at ways to provide convenient access and quick response to ensure delivering the best customer experience.”
Bank Nizwa’s SME Banking Department operates with competitive rates and fully Shari'ah-compliant financing solutions that suit the requirements of all business types. The department offers the options of Working Capital Facilities, Contract Specific Finance, Purchase & Leaseback Facilities, Goods Murabahah Finance, Equipment/Vehicles Murabahah Finance, Trade Finance Facilities, Ijarah Facilities, Diminishing Musharika, Istisnah Facility and Wakalah Bil Istithmar.