Bank Nizwa announces rights issue for 95 baisas per share

Business Monday 30/August/2021 15:52 PM
By: Times News Service
Bank Nizwa announces rights issue for 95 baisas per share
Photo: Supplied

Muscat: Revered as the leading and most trusted Islamic bank in the Sultanate, Bank Nizwa announced the opening of its rights issue with a subscription period from September 7 until 16.

The rights issue consists of new 789.473 million ordinary shares at an issue price of baisas 95 per share aiming to increase the bank’s capital by OMR75 million.

The rights share shall be payable in full on submission of the application form with the issuer bearing all issue-related expenses. All shares shall be listed on the Muscat Stock Exchange after allotment. By increasing the paid-up capital, Bank Nizwa will be geared up for the next phase of growth and increase returns for shareholders.

As the leading and fastest-growing Islamic bank in the country, Bank Nizwa has outlined broad strategies for the next phase of growth. Firstly, by strengthening capital while simultaneously continue playing its part in contributing to the development of the economy and leading the way as the most prominent Islamic bank in the Sultanate.

Observing and learning from the challenges during the pandemic, Bank Nizwa takes benefit in drawing Sharia-compliant banking further and ensure that it registers growth even in exceptional situations.

The growth of Islamic Banking in the Sultanate is most encouraging and has become significant in a short space of time through various support and policy measures adopted by the Central Bank of Oman. In less than eight years, Oman has become the world’s 15th largest Islamic banking industry and commands a 15.1 per cent share of the Sultanate’s total banking assets as of end-June 2021.

In upholding values of transparency, ethics and fairness in all its endeavours, Bank Nizwa conducts its operations in accordance with the Banking Law, the Islamic Banking Regulatory Framework (IBRF), and the bank’s well-defined policies and procedures. Bank Nizwa has established its position as a bank built on strong corporate principles and has therefore earned the support of its customers and shareholders alike.