Bank Nizwa launches Sharia-compliant wealth management service

Business Wednesday 02/August/2017 13:38 PM
By: Times News Service
Bank Nizwa launches Sharia-compliant wealth management service

Muscat: Bank Nizwa has launched its new wealth management services to provide high net worth clients with the most effective Islamic financial solutions to grow funds in the Sultanate. Customers will receive a full range of tailored products and services to cater to their exclusive needs, including direct access to a relationship manager, Mudaraba Investment Options, and a host of value-added benefits.
Addressing the media, Khalid Al Kayed, chief executive officer of Bank Nizwa, said that the bank would start targeting the retail customers for its newly introduced wealth management. Once the bank achieves stability, it will be extended to corporate customers.
The wealth management host of services will assist customers every step of the way, creating a true one-on-one relationship with priority service at every point and advice on financial opportunities as soon as they arise. A range of customised products will also be made available exclusively to customers, including Wealth Management Savings and Current Accounts, Wakala Investment Advisory for growing wealth through high value investments, and VIP Lounge access at major airports.
“The Sultanate’s wealth management sector is entering a period of rapid development, as people increasingly seek better investment solutions and more personalised banking services. To meet that demand, we have created an entire range of diversified wealth management solutions that are true to the values of Islamic finance and investment philosophy,” said Arif Al Zaabi, Acting Head of Retail.
“Through Bank Nizwa’s wealth management, customers can enjoy best-in-class services, with a MasterCard Platinum credit and debit card ready to open a world of opportunity and benefits. They will also enjoy special privileges on leading brands, discounted rates and dedicated relationship managers who will serve as wealth advisors, in addition to delivering the highest levels of personal service,” he added. The clients can access the relationship managers through all Bank Nizwa Branches and wealth management center at the bank head office.
Meanwhile, Al Kayed said that the bank aims at achieving OMR3 million net profit for 2017. The bank has achieved a OMR1.5 million net profit in the first half of 2017.