Oman's Bank Nizwa launches RO75mn rights issue

Published 31 Aug,2021 via Muscat Daily - Bank Nizwa announced the opening of its rights issue with subscription period from September 7 until September 16, 2021. The rights issue consists of new 789,473,685 ordinary shares at an issue price of 95bz per share aiming to increase the bank’s capital by RO75mn.

The rights share shall be payable in full on submission of the application form with the issuer bearing all issue-related expenses. All shares shall be listed on the Muscat Stock Exchange after allotment. By increasing the paid-up capital, Bank Nizwa will be geared up for the next phase of growth and increase returns for shareholders.

As the leading and fastest-growing Islamic bank in the country, Bank Nizwa has outlined broad strategies for the next phase of growth. Firstly, by strengthening capital while simultaneously continue playing its part in contributing to the development of the economy and leading the way as the most prominent Islamic bank in the sultanate.

Observing and learning from the challenges during the pandemic, Bank Nizwa takes benefit in drawing Sharia’a-compliant banking further and ensures that it registers growth even in exceptional situations.

The growth of Islamic banking in Oman is most encouraging and has become significant in a short space of time through various support and policy measures adopted by the Central Bank of Oman. In less than eight years, Oman has become the world’s 15th largest Islamic banking industry and commands 15.1 per cent share of the sultanate’s total banking assets as of end-June 2021.

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