Bank Nizwa signs financing agreement

Muscat: Bank Nizwa signed OMR 18 million MoU for a sharia-compliant financing agreement with Oman Food Investment Holding Co. (OFIC), helping the group to invest in its group companies and new projects and promote its portfolio of food companies.

The agreement is a part of Bank Nizwa’s commitment to contribute to Oman’s economic prosperity and spurring private and public sectors’ growth.

The agreement was signed by Dr Hamad bin Said Al Aufi, Minister of Agriculture and Fisheries and Chairman of OFIC, as well as Khalid Al Kayed, Bank Nizwa’s CEO. The signing ceremony was attended by the bank’s Chairman, Sheikh Khalid Abdullah Al Khalili, Vice Chairman of the board, Musabah Saif Al Mutairi and Board Member, Sheikh Majid Al Maamari, as well as senior team members from both parties.

This recent agreement follows another financing deal of OMR 15 million, which was signed last year between Bank Nizwa and one of the OFIC Group Company, Al Bashayer Meat Co.

Khalid Al Kayed, Bank Nizwa’s CEO said, “Partnering with Oman Food Investment Holding Co. is a translation of our commitment to diversify Bank Nizwa’s portfolio. These agreements will enhance our role as the leader of Islamic finance in the Sultanate by offering tailored sharia-compliant solutions to corporate clients, and continuing to expand our products and services to cater to the requirements of various industries within the market. This is a strategic collaboration, given our role in contributing to Oman’s food security both in the Sultanate and outside.”

Eng. Saleh Al Shanfari, CEO of Oman Food Investment Holding Company, said, “We are proud of the relationship with Bank Nizwa. At OFIC, we always look for opportunities to invest in food projects locally and internationally. Our partnership with Bank Nizwa will support us in partnering with strategic investors and growing our group companies. We are looking forward to a long and mutually beneficial relationship.”

Oman Food Investment Holding Co. is a leading government company that aims to invest in the food sector, nationally and internationally, to attain self-sufficiency and food security for the Sultanate. This is achieved directly by investing in strategic projects of national importance or by coordinating the investment through its group companies.

Since inception, Bank Nizwa has been at the forefront of Islamic banking and finance in the Sultanate, providing innovative corporate and retail sharia-compliant banking and finance propositions. Contributing to the economic diversification efforts led by the Omani Government, the bank expanded its services to cater to SMEs, corporate and commercial customers, while providing tailored services across diverse global and local market segments and industries.