Last updated on September 17, 2014
Homepage | Archives | Contact Us | Week in Town | About Us | Register  Sign In   Email Us Text: Large | Medium | Small
Campaigns seize on Scotland pledge |  PCC resigns over child abuse scandal |  CCTV released in Thai murder hunt |  Two dead in helicopter sea crash |  Sighting of missing girl's rucksack |  UK inflation rate falls to 1.5% |  'Bloodshed threat' before gas siege |  Man 'forced to work without pay' |  Hillsborough 'caused by late fans' |  Anguish of UK hostage's friends |  'Damaged' child removed from mother |  Six regions hit new house price peak |  DJ Travis accusers 'telling truth' |  MP expenses reporter jailed for rape |  Tiger walked through 'open' door |  Council says 6,000 jobs to go |  Actor Steve McFadden accepts damages |  'Real' Cider with Rosie dies at 99 |  Village could become centre of UK |  Sound piece wins £8,000 drawing prize |  Woman injured in house fire dies |  Clinic harassment claim 'ridiculous' |  Labour to 'address under-funding' |  Halfpenny's Toulon deal in jeopardy |  Son killed 'in reincarnation bid' |  UDA murder plot accused in court |  'Sweet theft' estate agent sacked |  Stephen's £5m to fund cancer units |  Borussia Dortmund 2-0 Arsenal |  VIDEO: Best football anthems - voted by you |  I had accident premonition - Norman |  The church described as a 'symbol of evil' |  How 250,000 Belgians didn't leave a trace |  The photographer who rejected racism |  Passport delay victims 'need refund' |  PM hints at plan for English powers |  Heywood by-election candidates list |  VIDEO: House of Commons |  AUDIO: Blinded in one eye 'for being gay' |  VIDEO: Why are London pavements exploding? |  VIDEO: Crimewatch marks 30th anniversary |  VIDEO: Cancer teen's mum: 'He touched so many' |  VIDEO: 'Number of suspects' in Thai deaths |  VIDEO: S Yorks PCC Shaun Wright quits |  VIDEO: 'I just couldn't bear it anymore' |  VIDEO: UK party leaders sign No vote pledge |  'Waiting in dark for killers to come' |  Was there a time British people couldn't buy olive oil? |  The tricky business of policing sex in public |  Ben Howard on his 'grand' new album |  How is the referendum affecting markets? |  Why don't children want to learn the violin? |  Phones 4U collapse and your orders |  Cameron's plea, and 'bloodbath in paradise' - the papers | 



Tip Us Off
> More Events
 Apex BusinessToday Muscat Daily Al Isboua Al Youm
Nbo unveils Muzn Islamic Banking
Our Correspondent, July 11, 2012 Email to a friend  | Print
Not Rated Rate This Article

Last week, National Bank of Oman (NBO) unveiled its new Islamic banking portal, Muzn Islamic Banking to members of the media and public. This launch makes NBO the latest bank to offer Sharia compliant Islamic banking, an industry that has gone on to become one of the fastest growing in Oman. Ehab Hashish will head Muzn.

At the launch, Ahmed al Musalmi, deputy CEO of NBO, said that Muzn Islamic Banking will provide customers the option of availing a banking service that is in compliance with their religion. However, he also added that there was very limited understanding of what Islamic banking even meant. “Although, since the passing of the Royal Decree for Islamic banking last year the sector has grown rapidly in this country, a lot of people are still not sure what Islamic finance is and it is for this reason that we will be undertaking a lot of workshops to educate people about it,” he said.

The name Muzn is the Arabic word for rain clouds that signify prosperity, according to Ahmed, while Sheikh Khalfan al Esry, Muzn’s Sharia supervisory board member, added, that the logo’s green colour not only signifies the colour of Islam but is also associated with growth. He said, “Islamic banking gives people an alternative that they have sought for a long time.”

On the company’s beliefs, Ahmed said, “We believe in faith, honesty and clarity at NBO and we promise that Muzn will adhere rigorously to Sharia principles and to the highest standards of professional conduct, corporate governance and ethics.” He added that Muzn will ensure transparency in banking with other non-Islamic banking institutions as well.

Khalfan said that just because Muzn was an Islamic banking institution, it did not mean that customers needed to be Muslim to avail their services. “It’s called Islamic banking but it might as well be just called ‘ethical’ banking,” he said. Muzn Islamic Banking is working on a few regulatory approvals after which the service will be made available to customers.


Reader Comments

Be the first one to post your comment
All posts are sent to the administrator for review and are published only after approval. TheWeek reserves the right to remove any comment at any time for any reason.

Post a Comment  
Please click post only once - your comment will not be published immediately




Shot of the Week


  © Apex Press and Publishing, P.O. Box 2616, Ruwi 112, Muscat, Sultanate of Oman Tel: +968-24799388 Fax: +968-24793316
Developed By Omania E-Commerce