Muzn Sharia Supervisory Board discusses performance data

Business Monday 02/January/2023 17:36 PM
By: Times News Service
Muzn Sharia Supervisory Board discusses performance data

Muscat: Committed to creating an effective and Sharia-compliant customer experience, Muzn, National Bank of Oman’s (NBO) Islamic banking window, recently held its 4th Sharia Board Meeting.

Chairman Sheikh Dr Muhammad Zubair Usmani, was joined by other board members, including His Highness Sayyid Dr Adham bin Turki Al Said, Sheikh Dr Abdul Rahman Abdullah Al Saadi, and Sheikh Saleh Al Kharusi, to discuss performance data, Muzn’s long-term strategy and other relevant topics on the board’s agenda, including digital transformation. The discussion included the approvals of the Sharia Compliance Report, Shari’a Audit Report and Fatawa Pronouncement Guidelines.

Salima Al Marzouqi, Chief Islamic Banking Officer, said, “We understand that good corporate governance and taking a long-term perspective are essential to the further expansion of the country's fast-growing Islamic finance sector. Sharia compliance is at the heart of what we do and through frequent meetings with our effective and knowledgeable Sharia board members, we are creating new experiences for our customers, which should not only be seamless but also in keeping with their integrity and values. We have a lot planned for the business year 2023 and we are keeping abreast with emerging technologies because we know that the digital transformation is driving the customer experience.”

Muzn offers a host of innovative, competitive and quality financial solutions with the values of Islamic Shari’a at the core. Among its latest are its Islamic Personal Financing facility, Kids Wakala account, and enabling cash deposits through a diverse network of CCDMs operated by its parent organisation NBO. Moreover, its pioneering digital services continue to grow, with a new Wallet Transfer feature its latest addition, enabling users to send and receive money locally and instantly using a mobile number, and Scan & Pay using QR codes.