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.