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ALIZZ ISLAMIC BANK WINS AWARD FOR ‘EXCELLENCE IN ISLAMIC BANKING’

As anacknowledgement of the bank’s outstanding performance, Alizz Islamic Bank was recently awarded the award of‘Excellence in Islamic Banking’ at the Oman Banking and Finance awards ceremony which is organised by the Oman Economic Review (OER) business magazine. The event was held under the patronage of His Excellency Tahir bin Salim Al Amri, Executive President of the Central Bank of Oman.

Moosa Al Jadidi, Chief Operating Officer of Alizz Islamic Bank received the award on behalf of the bank.

Expressing his gratitude for the award, Moosa Al Jadidi said, “The awardis a testament to thebank’s performance and its ground-breaking shari’a compliant products and services.  We are very proud to have been honoured for our customer service levels, product mix and operational efficiency. We are determined to fulfill our vision to be Oman’s best Islamic bank by excelling in customer service and experience. This prestigious award is an acknowledgement of the diligent efforts of the entire team and their efforts to reach the bank’s strategic vision.”

Al Jadidi added, “Last year wasmarked as a successful year for the bank as it achieved a quarterly net profit for the first time since its inception during the fourth quarter of the year.”

The bank is focused on achieving significant growth in banking assets in the large and SMEs sector, with good returns and acceptable credit quality. Apart from the funded business, the bank is working to expand its business to finance merchants to boost the fee income of the bank. The newly established Investment banking business department is set to be part of some major transactions again in 2018.

Retail Banking is focused on attracting business accounts and cards business by offering innovative products and an exciting customer experience. Providing customers with an exceptional customer experience remains the main focus of the Bank's strategy, as it aims to be in a distinct category from our competitors. Alizz Islamic Bank is committed to providing our customers with the best banking experience, not just as an Islamic bank. This will also contribute to the promotion of Islamic banking as a distinct alternative to conventional banking.

In a statement published in the Muscat Securities Market, the Bank said it has made a profit of OMR 309,290 ($ 802.08 thousand) compared to losses of OMR 743,931 ($ 1.93 million) in the first quarter of 2017.

The results showed a growth in net operating income in the first quarter of the year increased by 56.95% to reach OMR 4.25 million, compared to OMR 2.71 million in the first quarter of last year. The bank reduced its annual loss for 2017 by 36.59% to less than 3 million, compared to losses of OMR 4.72 million in 2016.

Alizz Islamic Bank recently won the ‘Best Islamic Banking Brand in Oman’ honour at the Global Brand Awards 2017 ceremony which was held at the Marriott Hotel in Dubai.The prestigious Global Brands Awards was established with the aim of honouring excellence in performance and rewarding establishments across different sectors.

Alizz Islamic Bank has invested heavily on offering a great customer experience. It continues to make progress in achieving its objective to become the leading provider of Islamic banking services in the Sultanate by providing top banking services and superior innovative solutions. Alizz Islamic Bank was the first full-fledged Islamic bank to offer a mobile banking application. The bank’s electronic channels, such as mobile phone app, ATMs, online banking, interactive ATMs provide an integrated and comprehensive delivery system.