As a firm believer in technological innovation in the banking sector, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, extended its support to COMEX 2022, Oman’s official technology, communications, innovation, and digital transformation show, as the main Islamic Banking sponsor.
The 31st Annual Hybrid Event, at the Oman Convention and Exhibition Centre (OCEC), as well as through Virtual Support Platforms. The event included exhibitions, conferences, awards, workshops, seminars, certified training programs, gaming, B2B meetings, and other attractions.
Bank Nizwa added that they have been at the forefront of Banking and Fintech and are deemed as the ‘Most Innovative Islamic Bank’. Bank Nizwa added that they have always directed their prime focus on digitalization and the unveiling of dynamic Shari’a-compliant products and services.
Industry sources added that Bank Nizwa exhibited at the COMEX 2022, its digital banking offerings to visitors, which included a Digital Onboarding section that enabled visitors to open an account with Bank Nizwa digitally via the use of a QR code. Digital onboarding has allowed the bank to reach bring Islamic Banking closer to a larger audience and simplify the account opening process for prospective customers.
Bank Nizwa also further displayed a prototype of an Interactive ATM and a Self-Service Card Issuance/Printing Machine. Visitors could utilize the machines in real-time to understand their mechanism and receive token cards that allowed them to enter the raffle draw to win exciting prizes, exclusive to COMEX visitors.
Bank Nizwa has also dedicated an area to showcase its offering to corporate clients allowing them to network and get acquainted with the bank’s unique customer-oriented approach.
Elaborating on the Bank’s commitment to driving the digital future of the banking sector, Khaled Al Kayed CEO of Bank Nizwa stated: “Fintech is providing technologies to the banking sector that will make it more efficient than ever before. Banking institutions are adopting digital onboarding that eliminates the need to fill out forms, make over-the-counter payments, and submit documents. To improve customer experience, smartphone applications to provide customers with real-time access to their bank accounts and machine learning to protect against fraud.”
“FinTech aims to offer cost-effective solutions for businesses that seek to lower overall expenses, improve customer experience and automate business processes. Our society relies heavily on the financial services business, therefore, the adoption of FinTech, including Islamic FinTech, can aid in stimulating economic growth. Our Sponsorship of COMEX 2022 reiterates our belief that FinTech provides great potential for the banking industry in Oman, especially Islamic finance, to become more competitive in the market. At Bank Nizwa, we continuously endeavor to remain at the forefront in supporting the efforts of our esteemed government in accelerating digital transformation and innovation, in alliance with the national agenda of Oman 2040 Vision,” he added.
Amna Al Balushi, the Chief Manager of IT Governance and Security represented Bank Nizwa at the (AI in Information Security). Furthermore, Mustafa Al Naabi, Assistant Manager, Shariaa Training, Shariah, and Sadiq Al Lawati, head Channels & Digitilization, delivered a presentation on the Islamic Finance Knowledge Series and Sustainability and digitalisation respectively.
As data and technology continue integrating, Bank Nizwa persistently curates advanced financial services that bring value to customers, whether retail or corporate. The global Islamic FinTech industry is anticipated to expand rapidly in the next years with the growing popularity of Islamic finance in the region and the increased demand for innovative Sharia-compliant products and services, making it critical to streamlining FinTech to boost efficiency.
Bank Nizwa added further that Fintech plays a significant role in the global economy, and business landscape, and is the fabric of modern society as a whole, making it a widespread and rapidly growing sector.
