Alizz Islamic Bank’s financing portfolio grows 62%

Business Sunday 06/November/2016 14:00 PM
By: Times News Service
Alizz Islamic Bank’s financing portfolio grows 62%

Muscat: Financing portfolio of Alizz Islamic Bank (AIB) reached OMR275.9 million in the third quarter of 2016, registering a growth of 62.4 per cent, compared to the same period last year and growth of 38.3 per cent from the end of 2015.
Deposits grew by OMR123.4 million from the same period last year representing growth of 84.7 per cent and by OMR107.6 million from the end of 2015 to reach OMR268.9million.
Net operating income grew by 57.2 per cent from the same period last year to reach OMR6.7million. Due to the increase in income, stringent cost controls and strong monitoring of financing quality, the net loss of the bank reduced by 19.1 per cent to reach OMR3.4 million.
The bank achieved stable growth, while maintaining a strong asset quality. The bank also took proactive measures like stringent cost controls, reorganisation of certain business segments, digitalisation and enhancing the products suite to navigate through the challenging economic environment and achieve its strategic aspirations.
Within a short period of time, AIB has consolidated its presence within the Omani banking industry.
“The bank has taken appropriate measures in response to challenging market conditions so that it continues to remain strong and achieve the expectations of its stakeholders and provide sustainable financial results while adhering to its strong risk management policies,” said Salaam Al Shaksy, chief executive officer of Alizz Islamic Bank.
Alizz Islamic Bank is one of the first specialised Islamic banks in Oman. With an aim to offer customers an enriching banking experience designed for today’s modern world, the bank has focused its investments on human capital and cross-cutting technology to ensure the delivery of exceptional and responsive customer service.
The bank’s transparent Sharia-compliant processes and innovative products and solutions cater to the diverse needs of both corporate and retail customers.