MUZN ISLAMIC BANKING HOLDS TENTH SSB MEETING, REVIEWS EXISTING PROGRAMMES

MUSCAT: The National Bank of Oman’s (NBO) Sharia’a compliant window, Muzn Islamic Banking, held its tenth Shariah Supervisory Board (SSB) meeting recently in Muscat.

The meeting was led by the chairman of the SSB, Sheikh Dr Mohamed bin Ali el Gari, and attended by SSB members, Sheikh Khalfan bin Mohammed al Esry and Sheikh Dr Mohammed Daud Bakar.

Amjad Bangash, head of Sharia’a at Muzn Islamic Banking, presented important agenda items including the Sharia’a compliance review conducted during the previous quarter.

It was affirmed that Muzn Islamic Banking was Sharia’a compliant in its day-to-day financings, operations, deposit management and services.

The SSB also reviewed existing deposit product programmes of the bank, while the evaluation concluded that the emphasis put on enhancing Sharia’a controls and customer experience in this regard was effective.

Sheikh Dr Mohamed bin Ali el Gari, chairman of SSB, said, “Shariah Supervisory Board meeting will help provide further impetus for Muzn Islamic Banking in coming months. Customers come to Muzn Islamic Banking because they want leading financial services and products which cater to their lifestyles and beliefs.”

The Shariah Supervisory Board can confirm that the bank has successfully been delivering on this across every division.

“As Muzn Islamic Banking continues to grow and evolve, it is essential that it retains the key core values associated with Islamic banking. With its esteemed body of members, the Shariah Supervisory Board is extremely well-placed to oversee this important objective and will continue to work alongside the bank to protect high-standard in the long-term future.”

NBO opened its flagship Muzn Islamic Banking branch at A’Sahwa Towers, Azaiba North, in January last year, and aims to open more branches across the sultanate to adequately service all Islamic banking customers throughout Oman.

It is the first local bank to launch a dedicated first Islamic banking window in Oman, which caters to society’s banking needs by providing a host of Sharia’a compliant deposit, investment, personal and corporate products under the guidance of the esteemed SSB.

SOURCE: MUSCAT DAILY