MUSCAT: Bank Nizwa, the leading Islamic bank in the Sultanate, contributed in financing the Mall of Muscat, which has opened its doors in Al Mabeela. The Shari’a-compliant financing deal demonstrates the bank’s role in supporting major attractions in Oman, which will boost the retail and tourism sectors and ultimately impact the economy. The mall is set to create more than 5,000 direct and 2,000 indirect jobs 

Khalid Al Kayed, CEO of Bank Nizwa said, “We are proud to support Oman’s retail industry by financing key projects like Mall of Muscat. This huge luxury development will boost job creation as well as the tourism sector and contribute to the Sultanate’s economic diversification efforts.” He added, “Bank Nizwa has consistently posted strong performance across its operations and is always keen to diversify the growing portfolio of its corporate clients. We are pleased that developers are confident to turn to the bank to help their businesses grow with Shari’a-compliant financing.”

Developed by Tamani Global for Development & Investment, the landmark shopping and entertainment destination has a host of leisure facilities including the biggest aquarium in the Middle East, an enormous snow park, more than 200 shops, a food court and dining outlets. A large retail group with a large network of overseas vendors is also part of the project.

Bank Nizwa continues to provide a suite of Shari’a-compliant products to fulfill the requirements of its expansive portfolio of corporate and commercial clients. As a pioneering Islamic financing institution, the bank is committed to leverage the transformative role Islamic finance plays in contributing to Oman’s economic prosperity