Latest news with #KhaledAlKayed
Zawya
29-07-2025
- Business
- Zawya
Moody's upgrades Bank Nizwa to investment grade (Baa3), reflecting robust financial strength and strategic growth
Muscat: In a significant development reflecting Bank Nizwa's – the leading and most trusted Islamic bank in the Sultanate of Oman – strategic and sustainable growth, Moody's Investors Service announced significant upgrades to its long-term foreign and local currency deposit ratings, which have been elevated to an investment grade Baa3 from Ba1 with stable outlook. Concurrently, the bank's Baseline Credit Assessment (BCA) and Adjusted BCA have also seen a robust improvement. These prestigious upgrades reflect Bank Nizwa's unwavering commitment to financial excellence and its strong positioning within the Sultanate's evolving economic landscape. The enhancements directly reflect the positive momentum driven by improved operating conditions, which are continually strengthening the bank's financial performance, including capital buffers. Mr. Khaled Al Kayed, Chief Executive Officer of Bank Nizwa, commented, 'We extend our sincere gratitude to our shareholders, customers, and the official authorities – including the Central Bank of Oman (CBO), Ministry of Finance and Debt Management Office – for their continued support and unwavering commitment to financial discipline and strategic oversight. Their efforts have contributed to creating a conducive environment for the growth and prosperity of financial institutions in the Sultanate of Oman. This rating stands as a testament to Bank Nizwa's operational resilience and reflects the deep confidence placed in us by our shareholders, customers, and partners. It also aligns with the aspirations of Oman Vision 2040, which lays a strong foundation for diversified economic growth, robust fiscal sustainability, and an Islamic finance sector capable of contributing meaningfully to a progressive and resilient future.' He added, 'As the nation's first Islamic bank, we view this upgrade as a strong affirmation of the growing relevance of Sharia-compliant finance as a catalyst for national stability, financial inclusion, and enduring value creation. A rating action of this nature strengthens market sentiment, improves long-term credibility, and enables us to channel Islamic financial solutions toward effectively creating a tangible transformational impact.' The upgrades to Bank Nizwa's deposit ratings and Baseline Credit Assessment (BCA) reflect Moody's positive outlook on the bank's intrinsic financial strength, reaffirming its strong capital adequacy and ample liquidity. These upgrades also underscore the bank's continued ability to achieve its strategic objectives – including the expansion of its Islamic banking operations – while maintaining disciplined cost control and adhering to sustainable growth practices. Bank Nizwa's institutional strength is reflected in the growing confidence of its customers, as the bank continues to expand its services and enhance its offerings and products. Customer deposits remain a fundamental pillar of its funding structure, and the sustainable growth in the deposit base stands as clear indication of the trust placed in the bank by both individuals and businesses. This development also comes at a time when Oman is earning renewed global recognition for its economic reforms and fiscal discipline. Moody's recent upgrade of the Sultanate's sovereign rating to Baa3 underscores the government's efforts to foster stability, diversify the economy, and strengthen the financial sector. These national-level advancements further reinforce Bank Nizwa's ability to operate confidently and contribute meaningfully to the country's long-term goals. Bank Nizwa remains committed to fostering innovation in Sharia-compliant financial solutions and supporting Oman's broader development aspirations. With strong fundamentals and a future-focused strategy, the bank is poised to play a vital role in shaping the next phase of Islamic banking in the region.
Zawya
08-07-2025
- Business
- Zawya
Bank Nizwa unlocks new horizons for fintech with Sharia-compliant open banking services
Muscat: In a move that underscores its growing leadership in Sharia-compliant digital banking solutions, Bank Nizwa — the leading and most trusted Islamic bank in the Sultanate of Oman — has introduced a Sharia-compliant Open Banking solution for fintech partners. This initiative aligns with the Central Bank of Oman's (CBO) vision to foster innovation in the financial sector and accelerate digitalization in banking to strengthen the nation's digital financial ecosystem. The solution empowers fintechs and partners to design innovative financial solutions within a framework that upholds the highest standards of regulatory integrity and full compliance with Islamic Sharia principles. Commenting on this, Mr. Khaled Al Kayed, Chief Executive Officer of Bank Nizwa, stated, 'At Bank Nizwa, we see Open Banking as a powerful enabler – one that allows us to push the boundaries of what Islamic banking can offer in today's fast-moving digital landscape. This initiative reflects our commitment to shaping a future where Sharia-compliant finance converges with cutting-edge digital capabilities, offering our partners and customers unprecedented access to smarter, more personalized financial solutions. It is a continuation of our efforts to make banking more connected, more intuitive, and deeply aligned with the evolving needs of those we serve.' The Open Banking solution has been thoughtfully designed to create value for all stakeholders across the financial ecosystem, delivering enhanced functionality while remaining firmly grounded in the principles of Islamic finance. Built on a secure API framework, it enables authorized third parties to access account data and banking services through customer-approved permissions, ensuring transparency, data protection, and regulatory alignment. This architecture allows financial institutions and developers to connect with Bank Nizwa's core systems in real time, accelerating the development of next-generation digital offerings and expanding the reach of Sharia-compliant financial innovation. For Fintechs, it provides a robust and scalable foundation to bring Sharia-compliant solutions to market with greater speed and efficiency. Customers, in turn, benefit from a more intelligent and advanced banking experience, with services that are increasingly customized, responsive, and easy to access. The solutions strengthen the broader financial landscape and support the evolution of more inclusive, tech-driven banking services. As Open Banking continues to reshape the financial landscape, Bank Nizwa remains focused on ensuring that the principles of Islamic finance evolve in tandem with these advancements. By championing technologies that foster transparency, adaptability, and greater financial participation, the bank is helping shape a digitally mature ecosystem that is responsive to both present-day needs and future opportunities. This latest initiative reflects Bank Nizwa's long-term approach where strategic investments in innovation are matched by a deep commitment to purpose-driven growth and lasting impact.
Zawya
26-05-2025
- Business
- Zawya
Bank Nizwa signs MoU with ATHAR to strengthen strategic partnership in the health endowment sector
Muscat: In line with its ongoing commitment to supporting sustainable development initiatives with lasting social impact, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, has announced the signing of a Memorandum of Understanding (MoU) with the Health Endowment Foundation (ATHAR). This strategic partnership aims to enhance the role of the health endowment sector in promoting inclusive development, aligned with the national priorities outlined in Oman Vision 2040. The agreement was signed by Mr. Khaled Al Kayed, Chief Executive Officer of Bank Nizwa, and Mr. Ahmad Abdullah Al Khanji, Chairman of the Executive Committee, Board Member of the ATHAR Foundation, in the presence of senior officials from both institutions. The memorandum aims to strengthen institutional cooperation between the two parties, with Bank Nizwa providing logistical and technical support to the ATHAR Foundation in implementing its strategic and operational plans—particularly in the areas of endowment investment and the development of health-related projects with sustainable impact. The collaboration also includes capacity-building initiatives designed to enhance professional competencies, as well as promoting ATHAR's financial services and activities through Bank Nizwa's various communication channels. Under the agreement, ATHAR will maintain its primary banking relationship with Bank Nizwa and recognize the bank as its strategic partner across all relevant media platforms. Commenting on the occasion, Mr. Khaled Al Kayed stated: 'At Bank Nizwa, we firmly believe in leveraging our Islamic banking expertise to support endowment institutions that serve meaningful social objectives, especially in vital sectors like healthcare. This partnership stands as a model for effective integration between Islamic finance and the endowment sector, reinforcing our shared commitment to sustainable development and delivering long-term value to Omani society.' For his part, Mr. Ahmad bin Abdullah Al Khanji emphasized that the MoU represents a strategic step towards developing an integrated health endowment model based on partnership and specialization. He stated, 'We are committed to advancing institutional and professional health endowment services that benefit all segments of Omani society. This partnership with Bank Nizwa will further strengthen our capabilities and expand our positive impact.' The memorandum also provides for the formation of a joint working group to oversee the implementation of mutually agreed programs and projects, and to submit periodic reports to the senior management of both institutions. Additionally, it allows for the signing of separate executive agreements for any future initiatives. This partnership aligns with Bank Nizwa's ongoing efforts to reinforce its position as a leading Islamic financial institution committed to supporting sectors with substantial social and economic impact, by providing innovative, Sharia-compliant financial solutions that embody national sustainability values.
Zawya
04-03-2025
- Business
- Zawya
Bank Nizwa's focus on excellence, innovation, and social responsibility earns top honours at IFN Awards
Muscat: Once again demonstrating its industry preeminence, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, recently secured multiple accolades at the prestigious Islamic Finance News (IFN) Awards 2024, held in Dubai. The bank was honoured with the 'Best Islamic Bank in Oman' award and the 'Best Islamic Retail Bank in Oman' award, while also earning three landmark deal-based awards— 'IFN Ijarah Deal of the Year 2024', 'IFN Oman Deal of the Year 2024', and 'IFN Social Impact Deal of the Year 2024'. These honours underscore Bank Nizwa's unwavering dedication to people-centricity, financial ingenuity, and transformative impact in the Islamic finance sector. Commenting on the wins, Mr. Khaled Al Kayed, Chief Executive Officer at Bank Nizwa, said, 'These accolades are a testament to our relentless pursuit of excellence and our commitment to redefining Islamic finance as a driver of economic progress and social prosperity. At Bank Nizwa, we measure success not just by financial milestones but by the enduring value we create—whether in delivering exceptional banking solutions, expanding access to Sharia-compliant financial services, or advancing Oman's broader development agenda. Our commitment to responsible innovation, market leadership, and long-term value creation will continue to shape the future of Islamic finance, strengthening its role as a catalyst for inclusive and sustainable growth.' Bank Nizwa's recognition as the 'Best Islamic Bank' and 'Best Islamic Retail Bank in Oman' reaffirms its leadership in driving the growth of Islamic finance. The bank's ability to navigate an evolving financial landscape while delivering superior, Sharia-compliant solutions has set new standards for operational excellence, financial strength, and customer focus. By continuously expanding its portfolio through digital innovation and personalized financial offerings, Bank Nizwa remains at the forefront of retail banking, empowering individuals with transparent and accessible financial solutions tailored to their evolving needs. Bank Nizwa's expertise in structuring sophisticated financial transactions was exemplified in its role as Joint Lead Manager and Bookrunner for Omantel's US$500 million Sukuk issuance, a landmark deal that earned the bank both the 'IFN Ijarah Deal of the Year 2024' and the 'IFN Oman Deal of the Year 2024'. This transaction not only strengthened Oman's Islamic capital market but also set a benchmark for corporate Sukuk issuances. Reflecting its commitment to social responsibility, Bank Nizwa was also honoured with the 'IFN Social Impact Deal of the Year 2024'. As a key sponsor of the Ishraq Waqf Investment Fund, launched in collaboration with the Ministry of Endowments and Religious Affairs, the Sultan Qaboos Higher Center for Culture and Science, and Oman National Investments Development Company (TANMIA), the bank played a pivotal role – as the Issuing Manager and Collecting Bank – in establishing a sustainable and Sharia-compliant investment framework for Oman's waqf sector. By directing structured waqf investments into charitable and community-driven initiatives, the fund reinforces the bank's keen emphasis on integrating Islamic finance with ESG-driven strategies. These recognitions at the IFN Awards are a testament to Bank Nizwa's strong leadership, ability to drive meaningful innovation, and its commitment to fostering a resilient and values-driven financial ecosystem. The bank remains at the forefront of shaping Oman's Islamic banking landscape, delivering sustainable solutions that drive both economic prosperity and social impact.
