Bank Nizwa SAOG signed OMR 18 million MoU for a shari’a-compliant financing agreement with Oman Food Investment Holding Co. SAOC (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. 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. (SAOC).
Mr. 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 shari’a-compliant solutions to corporate clients, and continuing to expand our products and services to cater to the requirements of various industries within the market.”
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 Shari’a-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.
Source Albawaba