NBO OPENS MUZN ISLAMIC BANKING BRANCH IN SOHAR

National Bank of Oman on Saturday opened a new Muzn Islamic Banking branch in Sohar. The Muzn Sohar branch will operate from Sunday to Thursday and be open from 8am to 2pm.

The branch will serve all Islamic banking customers in Sohar and surrounding areas, providing a complete range of Sharia’a-compliant products and services, a press release said.

The branch was inaugurated under the auspices of the Wali of Sohar, Sheikh Ali al Shamsi, and attended by senior officials of the bank. The branch will have experienced staff and systems in place to service institutional, corporate and retail customers.

Ahmed al Musalmi, chief executive officer of NBO, said, “Muzn Islamic continues to be a key growth area for the bank, by providing an all-encompassing range of Sharia’a-compliant banking services to deliver financial solutions to a growing customer base.”

“Since launching Muzn Islamic Banking 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.”

NBO, which was the first bank to introduce an Islamic banking window in the sultanate, aims to open more branches across the sultanate throughout 2015 to serve customers who seek Sharia’a 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.

SOURCE: MUSCAT DAILY