In a move that underscores its growing leadership in Sharia-compliant digital banking solutions, Bank Nizwa — the leading and most trusted Islamic bank in the Sultanate of Oman — has introduced a Sharia-compliant Open Banking solution for fintech partners. This initiative aligns with the Central Bank of Oman’s (CBO) vision to foster innovation in the financial sector and accelerate digitalisation in banking to strengthen the nation’s digital financial ecosystem. The solution empowers fintechs and partners to design innovative financial solutions within a framework that upholds the highest standards of regulatory integrity and full compliance with Islamic Sharia principles.
Commenting on this, Mr. Khaled Al Kayed, Chief Executive Officer of Bank Nizwa, stated, “At Bank Nizwa, we see Open Banking as a powerful enabler – one that allows us to push the boundaries of what Islamic banking can offer in today’s fast-moving digital landscape. This initiative reflects our commitment to shaping a future where Sharia-compliant finance converges with cutting-edge digital capabilities, offering our partners and customers unprecedented access to smarter, more personalised financial solutions. It is a continuation of our efforts to make banking more connected, more intuitive, and deeply aligned with the evolving needs of those we serve.”
The Open Banking solution has been thoughtfully designed to create value for all stakeholders across the financial ecosystem, delivering enhanced functionality while remaining firmly grounded in the principles of Islamic finance. Built on a secure API framework, it enables authorized third parties to access account data and banking services through customer-approved permissions, ensuring transparency, data protection, and regulatory alignment. This architecture allows financial institutions and developers to connect with Bank Nizwa’s core systems in real time, accelerating the development of next-generation digital offerings and expanding the reach of Sharia-compliant financial innovation.
For Fintechs, it provides a robust and scalable foundation to bring Sharia-compliant solutions to market with greater speed and efficiency. Customers, in turn, benefit from a more intelligent and advanced banking experience, with services that are increasingly customized, responsive, and easy to access. The solutions strengthen the broader financial landscape and support the evolution of more inclusive, tech-driven banking services.
As Open Banking continues to reshape the financial landscape, Bank Nizwa remains focused on ensuring that the principles of Islamic finance evolve in tandem with these advancements. By championing technologies that foster transparency, adaptability, and greater financial participation, the bank is helping shape a digitally mature ecosystem that is responsive to both present-day needs and future opportunities. This latest initiative reflects Bank Nizwa’s long-term approach, where strategic investments in innovation are matched by a deep commitment to purpose-driven growth and lasting impact.
