Muscat: IFIN, the first of its kind Islamic FinTech, announces its partnership with Bank Nizwa, Oman’s first full-fledged Islamic bank in the Sultanate, offering a plethora of Shariah-compliant products and services, to introduce instant Islamic ‘Goods Financing’ with the aim of enriching the bank’s Islamic product offering and meet its digital transformation ambitions.
This partnership is a continuity of a series of collaborations between IFIN and Bank Nizwa to advance the bank’s innovation in Islamic banking services and strengthen its leadership in the Omani market. After the launch of instant Islamic Auto financing, Bank Nizwa continues to leverage IFIN's cloud-based platform to digitalize the financing process of goods purchase, end-to-end, and enable customers to complete their finance within minutes, and without having to visit the bank’s branches.
IFIN instant Islamic financing solutions will enable Bank Nizwa to significantly reduce finance applications’ Turn-Around-Times, cut down operational costs, and improve the shopping experience of their clients. Customers can now apply and obtain finance instantly to purchase goods from a list of authorized dealers in the Sultanate such as Danube Home, Enza Home, Fahmy Furniture, Muscat Furniture, ID Design, Mustafa Sultan Electronics, Sky Orbits, Al Madina Cement and many more. They will also benefit from complete transparency of the bank's profit margin and installment plan upon submitting the application and at the time of signing the contract.
IFIN is the world’s first Shariah-compliant, multi-institutional, multi-product, Islamic FinTech facilitating instant Islamic financing at retailers’ outlets. This cutting-edge, secure, and game-changing solution is geared to help Islamic banks meet their digital transformation goals, reduce costs, increase efficiency, and enhance their competitiveness.
Dr. Shaher Abbas, Founder and Chief Executive Officer of IFIN said: “We are pleased to expand our partnership with Bank Nizwa to introduce further Islamic digital solutions in the Omani market. IFIN is transforming the Islamic financing experience for retail shoppers. Customers in the Sultanate are now able to finance their purchases instantly through secure digital channels and without visiting any of the bank’s branches. We are proud to consistently support the digital transformation of our partners to strengthen their competitiveness and offer their clients a seamless experience.”
Khalid Jamal Al Kayed, Chief Executive Officer of Bank Nizwa, said: “As a leading provider of innovative products and services, Bank Nizwa has always strived to provide its customers with the highest level of convenience and speed. Together with IFIN, the Bank has introduced a suite of instant products based on technology. It is an extension of the same concept to provide instant Islamic financing of goods. We are rolling out this compelling digital feature to all our customers, who will be able to complete their purchases in a hassle-free manner. We believe that this initiative will help the bank to consolidate its position as the financial partner of choice for people and enterprises in the country.”
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About IFIN Services
IFIN – www.ifin-services.com is the first of its kind Shariah-compliant Fintech platform offering instant Islamic financing solutions.
IFIN connects all types of Islamic Financial Institutions (IFIs) with all types of retailers so that customers can submit their finance applications to their preferred IFIs and receive a decision on their applications within seconds. This game-changing solution is geared to redefine the way Islamic finance is being done, making it more innovative, profitable, and inclusive.
For more information, please contact IFIN at Marketing@ifin-services.com or visit the IFIN website at https://ifin-services.com/
About Bank Nizwa
Bank Nizwa is Oman’s first dedicated Islamic bank with fully Shariah-compliant products and services.
The Bank provides a full range of business banking services. Since launching its operations in January 2013, the bank continues to offer a comprehensive range of banking products to individuals, small and medium-sized businesses, companies, and government entities.
Bank Nizwa has cutting-edge banking systems and software that are designed to give customers the finest Islamic banking experience to become the bank of choice for the people of Oman.
