Bank Nizwa signs MoU with Oasis Trading and Equipment Company

As part of its leading efforts to contribute to the growth of the economy

Muscat: As the leading and most trusted Islamic bank in the Sultanate of Oman, Bank Nizwa has played a vital role in broadening the concept of inclusive growth and supporting many industries through innovative Shariah-compliant financing. In the same vein, the bank signed a memorandum of understanding (MoU) with Oasis Trading and Equipment Company to provide financing to the company’s customers and help them purchase Caterpillar vehicles. The agreement was signed by Mr. Khaled Al Kayed, CEO of Bank Nizwa and Mr. Bashar Ahmed Aref Al Barghouthi, Managing Director of Oasis Trading and Equipment Company in the presence of Mr. R. Narasimhan, Managing Director of Wholesale Banking, Mr. Khalid Al Barwani, Deputy Managing Director Wholesale Banking Group and other senior executives from both entities.

Commenting on the signing of the agreement, Mr. Khaled Al Kayed said, “Bank Nizwa’s wholesale banking group has been at the forefront of SME, corporate and specialist project finance and our multi-industry portfolio reflects the growing preference for Islamic banking. . We are indeed delighted to have signed a Memorandum of Understanding with Oasis Trading and Equipment Company as they reflect similar values ​​of excellence, integrity and sustainability. At Bank Nizwa, we are strongly aligned with the goals set in Oman Vision 2040 and we will continue to support the various major segments of the industry such as construction, electrical system and materials and many more with the aim of contributing to the achievement of the immediate economic objectives of the Sultanate of Oman. , through Shariah-compliant solutions that have, time and time again, proven resilient despite changing economic scenarios.

Under the agreement, Bank Nizwa will provide structured Islamic finance facilities to customers of Oasis Trading and Equipment Company to enable them to purchase “CAT” machines at subsidized rates. As a company with over 60 years of experience in the Middle East, Oasis Trading and Equipment Company deals in various CAT® machinery, heavy equipment and power systems, which are used for a wide variety of applications , including earthmoving, building and construction, mining, road building, demolition, waste and scrap management, power generation and marine propulsion.

In line with Bank Nizwa’s growth strategy and its contribution to the Sultanate’s economic diversification objectives, the Wholesale Banking Group provides services to a wide range of clients in the construction, marine, oil and gas sectors. , infrastructure, power generation, health, tourism, logistics among many others Suite. CAT and its equipment respond to all these key sectors. Many customers rely on CAT products to advance sustainable progress and improve living standards. The MoU will therefore give significant impetus to several key projects in various sectors where the company provides its services, in particular to small and medium-sized enterprises (SMEs) to purchase CAT machinery and equipment at competitive financing costs.

Expressing his joy on this occasion, Mr. Al Barghouthi said: “In business, it is essential to have a good financial partner who not only provides you with the necessary advice and assistance, but also helps you to support customers in their financing needs. More so, the Bank honors and resonates with our core values. Bank Nizwa has been that partner for us, and we are confident that this MoU will further strengthen our market position, provide the necessary impetus to catalyze our operations and help us achieve new milestones.

Bank Nizwa has always been invested in the socio-economic progress of the country. While it has partnered with various companies to directly or indirectly fund key national projects, it has also supported SMEs that have shown the potential to have a long-term positive impact.

In addition to meeting the financing needs of businesses, Bank Nizwa’s wholesale banking group also offers advisory services and expert advice in the areas of corporate banking, project finance, SME and commercial banking, global markets, government and investment banking, international banking and commerce. finance. With customer focus at its core, the bank has been able to build strong relationships with its customers. Meanwhile, its progressive outlook and strategic partnerships have reaffirmed its position as a bank committed to driving sustainable growth, innovation and development in the Islamic finance industry.

Shawanda H. Saldana