MUSCAT: An increase in demand for personal finance products has been witnessed by banks in Oman, which also see the trend as an upward one.
Bank Nizwa, Oman’s first Islamic bank, says its personal finance products have been witnessing an organic growth due to the bank’s expanding network of branches, availability of a host of offerings and the growing sales team that cater to its growing customer base across the Sultanate.
Since the products are based on the ‘end-use’ Islamic personal finance solutions, they actually help customers in meeting day-to-day needs rather than taking cash, overspending and getting into debt, Asad Batla, head of consumer banking at Bank Nizwa, told media.
Asked how Bank Nizwa sees the trend, Batla said, “The trend is definitely an upward one. Our strategy is paying off with more and more people understanding Islamic finance and looking into Sharia-compliant banking solutions as an alternative to conventional banking.”
