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Sunday, 1 March 2015

National Bank of Oman's Muzn Islamic Banking opens new branch in Sohar

Muscat: National Bank of Oman (NBO) opened a new Muzn Islamic Banking outlet, in Sohar. The Muzn Sohar Branch, will be operating Sunday to Thursdays and the opening hours are 8:00am to 2:00pm. The branch will serve all Islamic banking customers in Sohar and the surrounding areas, providing a complete range of Sharia compliant products and services.

The branch was inaugurated under the auspices of the Wali of Sohar, Sheikh Ali Bin Ahmed bin Mishari Al Shamsi and attended by senior officials from the bank. The branch will have experienced staff and robust systems in place to offer services to institutional, corporate and retail customers.

Ahmed Al Musalmi, Chief Executive Officer of NBO, said: "Muzn Islamic Banking continues to be a key growth area for the Bank and, by providing an all-encompassing range of Sharia compliant banking services to deliver financial solutions to a growing customer base."

"Since we launched the first Muzn Islamic Banking window in 2013, the growth and development of our window has been tremendous. We will continue to launch dedicated Islamic banking branches in strategic locations in order to expand Muzn's presence across the Sultanate in the near future."

National Bank of Oman was the first bank to introduce an Islamic Banking window in the Sultanate in January 2013, and aims to open more branches across the Sultanate throughout 2015 to serve customers who seek Sharia banking solutions. 

Muzn Islamic Banking's range of products caters to institutional, corporate and retail customers and includes: Murabaha Auto Finance; Ijara Home Finance; Sale and Lease Back Finance; Muzn Current Account (Qard Hassan); Muzn Savings Account (Mudaraba); Wakala Investment; Flexi Wakala Account; Murabaha Working Capital Finance; Ijara Muntahia Bittamleek Term Finance and Trade Finance.

(Times Of Oman / 28 February 2015)

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