Muscat: Oman’s leading and most trusted Islamic bank, Bank Nizwa, has signed a strategic financing deal worth OMR10.4 million, with the Nakheel Oman Development Company.
The Musharaka financing from Bank Nizwa, is slated to be used for the development and construction of date processing industrial complex in the Wilayat of Nizwa.
The transaction signing ceremony was attended by Khalid Al Khaili, Chairman of Bank Nizwa, Khalid Al Kayed, CEO of Bank Nizwa and R. Narasimhan, GM of Wholesale Banking, Bank Nizwa, whereas from Nakheel Oman Development Company it was attended by Dr Saif Rashid Saif Al Shaqsi Chairman, Rashid Saif Al Mardhoof Al Saadi, Vice Chairman and Ali Said Ali Al Araimi General Manager of Nakheel Oman Development Company.
Commenting on the signing ceremony, Sheikh Khalid Abdullah Ali Al Khalili, Chairman of Bank Nizwa, said, “As one of leading Islamic Finance institution in Oman, Bank Nizwa will continue to invest in projects that not only promise great returns but also positively impact the communities we operate in. “
“The financing of Nakheel Oman Development Company is a testament to our commitment to the principles of Islamic finance, and Bank Nizwa will play a significant role in supporting the government’s diversification plan as well as its endeavors on food security,” he added.
“Under the leadership of His Majesty Sultan Haitham Bin Tariq we are confident that the One Million Date Palm Plantation Project will lead to the economic, social wellbeing of our country,” he further said
In 2009, an announcement was made for planting of one million date palm trees (MDPP) in Oman. The Diwan of Royal Court initiated and now manages this project through the Directorate General of Million Date Palm Plantation Project.
Nakheel Oman Development Company was established by the Diwan of Royal Court represented by the Directorate General of Million Date Palm Plantation Project and Oman National Investments Development Company "Tanmia" to invest in an array of endeavors related to Date Palm products and by-products including post harvesting activities, logistics, marketing and retail.
Dr Saif Rashid Saif Al Shaqsi, Chairman of Nakheel Oman Development Company, said, “The development of a national strategic framework on Date Palm Management and Sustainability is critical to the long-term economic and cultural vision of Oman. Omani dates are a benchmark in taste and quality, and we are content to have Bank Nizwa join us on the journey of continuing Oman’s rich heritage, sustaining its natural assets and building a strong path to progression.”
“The project not only underpins economic growth, but also supports the people of Oman by preserving their culture, legacy, and generating employment opportunities,” he added.
Through strategic partnerships like these, Bank Nizwa is well-positioned to spearhead the growth of Islamic finance and solidify its leadership in the sector. The Bank will continue to expand its client franchise organically by deepening client relationships, train and retain talents, and invest in the right products and services. It strives to be the financial partner of choice for the people and enterprises of Oman.
Bank Nizwa’s project finance and syndication is a specialised function which has closed several milestone transactions in the manufacturing, utilities, construction, retail, hospitality, aviation, logistics, tourism, education, waste management, metals and mining, medical and food sectors.
With 100 per cent Sharia-compliant solutions, Bank Nizwa has also successfully carved out a niche market in fast-expanding sectors, like infrastructure and utilities.
The team works closely with clients to provide complete tailor-made business solutions across industry segments. Its core strength lies in project appraisal and advisory role in syndication of the client requirements among local and regional banks.