Muzn holds Q1 shari’a supervisory board meeting

Press release

Published April 2nd, 2023 - 05:46 GMT

Muzn holds Q1 shari’a supervisory board meeting

During the event

Highlights

National Bank of Oman’s (NBO) Islamic banking window, recently held its first Shari’a Board Meeting for the year 2023.

In keeping with its mission to provide customers with the latest Shari’a-compliant solutions, Muzn, National Bank of Oman’s (NBO) Islamic banking window, recently held its first Shari’a Board Meeting for the year 2023. Chairman Sheikh Dr Muhammad Zubair Usmani was joined by Muzn’s other Board members, which includes His Highness Sayyid Dr Adham bin Turki Al Said, Sheikh Dr Abdulrahman Abdullah Al Saadi, and Sheikh Saleh Al Kharusi. During the meeting, the Board discussed the bank’s latest innovative products, the quarterly Shari’a audit and Shari’a review processes.

Salima Al Marzouqi, Chief Islamic Banking Officer, said, “We are committed to fostering the development of the country’s growing Islamic finance sector. Shari’a compliance is at the heart of what we do and ongoing collaborations with our experienced Shari’a Board members allow for constructive engagement among them to further improve our products and services. We always aim to create new possibilities for our customers while ensuring their banking experience is not only seamless but is in keeping with their values as well. We have identified many areas on which we will continue to focus our efforts during the upcoming months, while we continue to adapt to new technologies and meet the ever-evolving needs of our customers.”

Muzn offers a variety of innovative, competitive and quality financial solutions with the values of Shari’a at the core. Among its latest products are its Islamic Personal Financing Facility and Kids Wakala account. Meanwhile, customers are now also able to make cash deposits through a diverse network of Cash and Cheque Deposit Machines (CCDMs) operated by NBO, Muzn’s parent company. Moreover, its pioneering digital services continue to grow, with a new Wallet Transfer feature as its latest addition, enabling customers to send and receive money locally and instantly through a mobile number, and Scan & Pay using QR codes.

To find out more about Muzn Islamic Banking’s range of products, call 24770001 or visit www.muzn.om.

Background Information

National Bank of Oman

Founded in 1973, National Bank of Oman was the country’s first local bank, forging a rich history with Oman’s local businesses and its economy at large. Today, it is one of the largest banks in Oman, with a paid up capital of OMR (Omani Rials) 110.8 million (US$ 288 million) and a regulatory capital of OMR 377.8 million (US$ 981 million)*.