Press Release

Last Updated: Sun, Dec 21 2014 | 4:42 PM |

Bank Nizwa and Capitas Group International collaborate to develop specialised Islamic financial services

Posted: Monday, 31 December 2012 Company:

Country: Oman

Industry Sector: Banking

Category:

Description:

Comments: Bank Nizwa, the first Islamic bank in the Sultanate of Oman, recently signed a Memorandum of Understanding (MOU) with Capitas Group International (CGI), a leading management firm specialising in Shari’a compliant finance. Under the MOU, both firms will collaborate to create specialised financial platforms in the Sultanate by tapping into their combined skills and resources, brought forth by the alliance.


CGI is a Jeddah-based company formed in partnership with the Islamic Development Bank’s private sector arm, the Islamic Corporation for Development of the Private Sector (ICD). The company establishes financial services businesses to fill the unmet demand for Shari’a compliant finance in OIC member countries. Commenting on the MOU, Dr. Jamil El Jaroudi, CEO of Bank Nizwa said, “The MOU with CGI is in line with Bank Nizwa’s efforts to elevate the financial
services industry in Oman. Through this strategic partnership we will jointly develop, launch and manage financial platforms and thus promote Islamic Banking and Shari’a compliant products that benefit the customers. With the recent Royal Decree in place Islamic finance is now a bonafide component of the Sultanate’s financial infrastructure. The strength of CGI is based on the expertise of its management team which has extensive experience in Shari’a compliant finance. This strength is a critical component for the development of Islamic finance at this early
stage in Oman.”

In the MOU, Bank Nizwa and CGI have laid down key primary goals, namely to launch a mono-line mortgage finance company and to create a housing development finance program. “As the first Islamic Bank in Oman, Bank Nizwa is uniquely positioned to act on our main goals under the MOU. Working with the Bank’s trained staff and leveraging its sophisticated processes, CGI looks forward to deploying its expertise and assisting in the overall development of the Islamic finance sector in Oman. This includes leveraging the relationship with our partners, ICD” stated Naveed
Siddiqui, CEO of CGI.

Bank Nizwa is committed to serve the people of Oman by applying fair practices as laid down by the Shari’a and by creating job opportunities. The signing of the MOU is aimed at the organic growth of the financial sector in the Sultanate.

Bank Nizwa has a pool of knowledgeable and well-trained staff and its world-class software and internal systems are directed towards benefiting the valued customers. Hence the strategic alliance in consultation with each other will explore opportunities in the business sectors mentioned above and will assess their viability in the Sultanate of Oman.

The MOU is a reflection of Bank Nizwa’s efforts to provide quality financial services and comes at an opportune time as Bank Nizwa prepares for its opening. The bank is in a state of readiness and will open its doors and offer Islamic banking products and solutions to the Sultanate by the beginning of 2013. Having received the banking license from the Central Bank of Oman the Bank is currently undertaking a comprehensive internal test of its systems and processes, as a precursor to the public launch.

In addition to its work in Oman, CGI is active in several other OIC markets including Saudi Arabia, Morocco, and Tunisia. The Company's senior managers are experts in the field of real estate finance who have established leading Shari’a compliant financial services companies in the United States and Dubai and are now launching a national home finance company in Saudi Arabia. CGI has also held a key role in the structuring and setup of a SAR 1 billion SME Fund
which is being sponsored by ICD and the Islamic Development Bank.

Contact Details:

Email: alvi@umsoman.com
Contact number: 968 9320 4570
Name: Yousuf Alvi

Details:

Press Releases Search

<< December 2014
Sun Mon Tue Wed Thu Fri Sat
   1   2   3   4   5   6 
 7   8   9   10   11   12   13 
 14   15   16   17   18   19   20 
 21   22   23   24   25   26   27 
 28   29   30   31       
Don't miss
Dubai Airport's top tips for expats flying home for Christmas

Dubai Airport's top tips for expats flying home for Christmas

Airport operator issues an advisory for passengers to ease their travel through Dubai International...

Dubai Duty Free extends 25% pre-Christmas sale

Dubai Duty Free extends 25% pre-Christmas sale

Airport retailer expands annual anniversary promotion to three days for the first time from...

Top 10 Christmas dining options

A round up of restaurants offering traditional Christmas dinners and not-so-traditional buffets...

The 12 scams of Christmas

Check this list of scams to avoid this season and stay safe online

Gift Guide: Tablets and PCs

A guide to the best laptops and tablets around, this holiday season

Gift Guide: Wearable technology

Giving a watch to your partner this year? Take a look at these smart watches and other wearables...

Traditional Capitol Hill Christmas Tree lighting ceremony

The regular and definite procedure of a Christmas tree-lighting ceremony on the Capitol Grounds...

Gov'ts must adopt to rapid changes in the Arab world, says Dubai ruler

Gov'ts must adopt to rapid changes in the Arab world, says Dubai ruler

Sheikh Mohammed said the region will experience economic, political and social changes that...

Prince Alwaleed tops 2014 Arab Rich List with $28.1bn

Prince Alwaleed tops 2014 Arab Rich List with $28.1bn

Saudi prince takes number one slot for eleventh year running

Most Discussed