Financial sector must embrace age of disruption to thrive

Muscat: Bank Nizwa Chief Executive Officer, Khalid Al Kayed participated in the 10th New Age Banking Summit in Muscat, which brought together industry experts from across the Sultanate.
Held under the patronage of Tahir bin Salim bin Abdullah Al Amri, Executive President of the Central Bank of Oman (CBO), the forum provided a knowledge and networking platform to bring Oman’s banking industry on a par with its counterparts across the globe when it comes to latest advancements and disruptive technologies in the financial sector.
Panelists discussed the changing banking landscape and how to use new technology to boost efficiency and develop new products and services to meet the evolving marketplace. Risk management, how to support private sector-led projects and sustainable growth were also discussed. Regulatory reforms that could strengthen the banking sector, make banks more competitive and future ready were examined.
Al Kayed said, “As a progressive bank we have to keep up to date with all technological developments and this summit was a perfect opportunity to make certain we are following the right road map. FinTech solutions are dominating the banking landscape and ensuring we use cutting-edge technology to enhance the customer experience while combatting cyber risks is also key. The financial sector must embrace the age of disruption to be able to thrive”
On the sidelines of the summit, Bank Nizwa, won two awards, recognising its successful journey since inception in 2013.
It was recognised as being the Best Islamic Bank in Oman and also won the 'Best Bank – Net Profit Growth' award. As the first and leading fully-fledged Islamic bank in Oman, Bank Nizwa recorded the highest growth rate in the Sultanate’s banking industry with OMR7.5 million in net profit representing a 98 per cent growth after tax for the period ended on December 31, 2018. It has become the go-to source for Islamic finance in the Sultanate and has led several industry-leading initiatives.
Al Kayed added, “Receiving the two awards was a great honor and confirmation that our strategy is reaping rewards for our customers and stakeholders. We will continue to follow our core value of innovation, while being rooted in the foundations of Sharia-compliant banking to further our growth.”
Bank Nizwa is renowned for its expertise in delivering tailored, high-quality Sharia-compliant banking solutions. Its dedication to empower consumers with the benefits of Islamic banking has led to its participation in numerous forums, seminars, conferences and workshops, while raising awareness among various communities over the benefits of Islamic banking solutions.