Muzn Islamic Banking Opens New Ibra Branch for Enhanced Service

In an exciting development for Oman’s financial sector, Muzn Islamic Banking, the dedicated Islamic finance division of the National Bank of Oman (NBO), has inaugurated a new branch in Ibra, a strategic location in North A’Sharqiyah Governorate. This move reflects Muzn’s commitment to expanding access to Shariah-compliant banking solutions across Oman, catering to a growing segment of customers who seek ethical financial products rooted in Islamic principles.

The new branch offers customers a blend of traditional and digital banking services, crafted to meet local financial needs while aligning with Muzn’s goal to drive financial inclusion in the Sultanate. This expansion also supports Oman’s Vision 2040, which emphasizes economic diversification and increased participation in financial services across all regions of the country.

Islamic Banking’s Rise

Oman’s Islamic banking sector has been growing steadily, with the Central Bank of Oman reporting that Islamic banking assets reached over 15% of the total banking sector assets as of 2024, indicating a rising preference for Shariah-compliant banking options among Omani consumers.

Muzn Islamic Banking, as one of the pioneers in this field, has been a key player, providing solutions that meet the financial aspirations of customers while adhering to Islamic values.

The popularity of Islamic finance in Oman mirrors a global trend, as the Islamic finance market is projected to grow by over 10% annually in many countries, driven by the increasing demand for ethical finance and investment options. Oman’s banking sector, in particular, is undergoing digital transformation, with both traditional and Islamic banks investing heavily in digital services to remain competitive and relevant in a rapidly evolving landscape.

The New Ibra Branch

The Ibra branch is designed to offer a full suite of Shariah-compliant products and services, including personal banking, business banking, and various financing options tailored to meet individual and corporate needs. This allows customers to access Islamic financial services in a comfortable, modern setting with the assurance that every transaction aligns with Shariah law.

Salima Al Marzooqi, Muzn’s Chief Islamic Banking Officer, underscored Muzn’s commitment to customer-centric services. “Our focus at Muzn has always been to cater to the needs of our clients by creating products and services that not only align with Islamic values but also provide a comprehensive banking experience,” Al Marzooqi stated. “With the opening of our Ibra branch, we aim to make our services even more accessible, fostering a close relationship with the community while contributing to local economic growth.”

This new branch is particularly important for individuals and businesses in Ibra, where access to specialized banking services may have previously been limited. By focusing on convenience and community engagement, Muzn aims to enhance the financial well-being of the area and bring a variety of financial products closer to residents.

Community Growth

One of the central aims of the new branch is to support economic development within Ibra and its neighboring areas. By offering localized banking solutions and supporting entrepreneurs with Shariah-compliant financing, Muzn helps drive regional growth. Islamic banking principles, which prohibit interest and encourage profit-sharing, align well with supporting sustainable, ethical business practices. Through these principles, Muzn has already helped many local businesses establish and expand, and with this new branch, it aims to deepen this impact.

The opening of this branch also supports Oman’s Vision 2040, which emphasizes inclusive growth and diversification beyond oil revenue. By reaching underserved communities, Muzn helps facilitate a more balanced economic landscape in Oman. According to recent studies, expanding access to banking in developing areas contributes significantly to economic stability and community welfare, especially when such access is tailored to local needs and values.

Related: NBO Muzn Islamic Banking Ensures Financial Security with Bancatakaful Products

Physical Expansion

While Muzn Islamic Banking is committed to its physical expansion, it is equally invested in advancing its digital banking capabilities. This dual approach allows customers to access services in person or online, based on their needs. Muzn’s digital banking app offers comprehensive features, including balance inquiries, bill payments, local and international transfers, and wallet transfers, allowing users to bank at their convenience.

The trend towards digital banking has been accelerating globally, with many customers preferring digital channels due to their convenience and flexibility. In Oman, the demand for mobile banking services has been steadily increasing, and Muzn’s advanced app offers essential features that cater to these preferences. It is available in both Arabic and English, catering to a broader demographic, and includes features like QR code-based payments, which are growing in popularity across the region.

Corporate Banking

Muzn’s Ibra branch is also geared to support corporate clients, providing specialized services for businesses and government entities. Through its Corporate Internet Banking platform, Muzn offers companies secure, user-friendly services such as bulk salary transfers, account management, and bill payments, which are crucial for business operations. The bank’s corporate services provide seamless, Shariah-compliant solutions for companies looking to operate ethically while enjoying the conveniences of modern banking.

Business leaders in Oman have noted that Muzn’s commitment to ethical banking is a significant advantage for companies seeking to operate in line with Islamic principles. For small and medium-sized enterprises (SMEs), in particular, the bank’s flexible financing options and customer-focused services offer essential support. Islamic financing, which avoids speculative investments and focuses on asset-backed funding, provides a stable foundation for business growth and reduces risk in line with Shariah law.

Financial Literacy

In addition to providing banking services, Muzn is deeply committed to promoting financial literacy and inclusion in Oman. The bank regularly holds community events and educational workshops to inform customers about Shariah-compliant banking practices, helping them make informed financial decisions. This approach not only strengthens Muzn’s relationship with its clients but also fosters a financially empowered community.

Financial literacy is particularly important as Muzn expands its services into new regions. By educating local communities about the benefits of Islamic banking, Muzn is helping to bridge the gap between conventional and Islamic financial understanding, promoting a broader acceptance of Islamic finance principles across Oman.

Islamic Finance in the Global Context

Muzn’s expansion comes at a time when Islamic banking is gaining traction globally. According to industry analysts, the global Islamic finance market is expected to exceed $4 trillion by 2030, driven by a rise in demand for ethical and socially responsible investment options.

Muzn’s role in Oman’s Islamic finance sector aligns it with this global movement, and the bank’s expansion reflects a growing recognition of Islamic finance as a viable alternative to conventional banking.

Islamic finance operates on principles such as risk-sharing, asset-based financing, and ethical investments, which appeal to both Muslim and non-Muslim customers. Many countries, including Malaysia, Saudi Arabia, and the United Arab Emirates, have seen significant growth in their Islamic finance sectors, and Oman is following suit. Muzn’s expansion into Ibra strengthens Oman’s position within the global Islamic finance community, demonstrating how Islamic banking principles can support economic development.

The Cornerstone of Muzn’s Strategy

In an era when customer convenience is paramount, Muzn’s expansion strategy balances brick-and-mortar branches with robust digital offerings. The Ibra branch is strategically located to serve local communities, providing customers with in-person support and a welcoming environment for handling financial matters. At the same time, the Muzn mobile app and online banking platform ensure that customers can manage their finances anywhere, anytime, ensuring flexibility for a tech-savvy customer base.

By offering a comprehensive banking experience, Muzn sets itself apart from other Islamic banking providers in Oman. This dual approach of digital and physical banking not only enhances customer convenience but also meets the expectations of modern banking clients who value flexibility and accessibility.

Muzn Islamic Banking

Looking ahead, Muzn Islamic Banking has ambitious plans to continue its growth across Oman. With a focus on customer satisfaction, ethical banking, and community engagement, Muzn aims to be a driving force in Oman’s Islamic finance sector. As part of NBO, Muzn has the resources and expertise to expand further, bringing Sharia-compliant banking to new areas and communities.

This growth is anticipated to contribute significantly to Oman’s financial landscape, especially as the nation works towards its Vision 2040 goals. Muzn’s efforts to integrate traditional and digital banking serve as a model for how financial institutions can support inclusive, sustainable development.

For more information on Muzn’s services, products, and branch locations, visit www.muzn.om