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Muzn inks pact with Oman's Administrative Affairs Council for the Judiciary
November 13, 2019 | 3:51 PM
by Times News Service
Muzn will become the sole banking service provider to the council and all its courts spread across various locations in the Sultanate.
 
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Muscat: A landmark Memorandum of Understanding has been signed by National Bank of Oman’s Islamic Banking window, Muzn, and Oman’s Administrative Affairs Council for the Judiciary, for the provision of Shari'a-compliant banking services.

Under the exclusive agreement, Muzn will become the sole banking service provider to the council and all its courts spread across various locations in the Sultanate.

“Our innovative solutions will play an important role in transforming the Council’s payment infrastructure and help ease financial operations and banking transactions,” said Sayyid Wasfi bin Jamshid Al Said, Acting Chief Executive Officer at NBO. “We are very proud of this partnership. Over the years, we have fostered a profound and solid relationship with the government sector and remain fully committed to elevating the banking experience for the general public in our continued pursuit to become Oman’s bank of choice.”

Khalfan bin Nasser Al Mahrezi, Deputy of Courts General Administration, said, “This agreement comes in line with the Administrative Affairs Council for the Judiciary represented by the General Administration of Judiciary efforts to manage and preserve the deposited funds of the courts, and further improve the withdrawing and depositing procedures while applying the highest levels of supervisory and transparency. The agreement also paves the way to creating a foundation where financial dealings are controlled within an established framework, managed through a special programme which is currently being developed by the Council.”



He added, “This signing aims to ease the financial and administrative procedures used by the courts to serve better the judiciary system and the people and help them save time and effort necessary to complete required transactions. We share the same vision for innovation with Muzn Islamic Banking in applying leading technology and resources to implement world-class standards and advance our service offerings.”

The partnership is expected to streamline the Council’s payment infrastructure, providing Point of Sale (POS) services at more than 45 locations. Muzn will also provide Shari’a compliant investment solutions to the Council, which will maximise returns on funds.



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