Islamic Finance

Oman's Bank Nizwa plans to increase capital by RO75mn in 2021

Published 05 Apr,2021 via Muscat Daily - To support its next phase of growth, Bank Nizwa, the fastest growing Islamic banking institution in Oman, is planing to increase its capital by RO75mn by issuing a rights issue this year.

“In line with the bank’s five years strategy up to 2025, to support the next phase of growth, and increase returns for the shareholders, the bank shall increase its capital by RO75mn, by way of a right issue in 2021,” Sheikh Khalid al Khalili, chairman of Bank Nizwa, said in a press statement on Monday.

He added that the bank is committed to further grow in the coming years, supporting Oman’s Vision 2040 and contributing to the development and recovery of the economy.

For the year 2020, Bank Nizwa recorded the highest growth in the financial sector in Oman. The bank has played a very visible role in Oman’s path to economic recovery having partnered a number of significant government programmes and initiatives, according to the press statement.

Bank Nizwa recently held its annual ordinary general meeting (AGM) via the electronic platform for general meetings on Muscat Clearing and Depository Company’s website. The board of directors of Bank Nizwa disclosed and approved critical material and information for the year 2020, including the bank’s exceptional financial performance.

At the AGM, Bank Nizwa shareholders approved the distribution of cash dividend of 1.25bz per share.

Khalili noted that Bank Nizwa has demonstrated utmost resilience in one of the most challenging years for the world economy.

“I am proud to say that the bank has exhibited exceptional performance across all its departments even in the face of unprecedented challenges, recording consistent growth. Backed by digitalised processes and undeterred service to its customers, Bank Nizwa has been able to cement its position as the most trusted Islamic bank in Oman,” he said.

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