Bank Nizwa partners with IFIN to offer instant islamic goods financing

Bank Nizwa partners with IFIN to offer instant islamic goods financing

Muscat: A progressive bank built on innovation, Bank Nizwa, the leading Islamic bank in the Sultanate, has been embracing the latest technological advancements to remain at the forefront of spearheading digitalisation in the local community. In line with the same, the bank has furthered its partnership with the leading Islamic FinTech provider, Islamic Finance Initiation Network (IFIN), to introduce instant Islamic ‘Goods Financing’ to its customers.

This partnership will enable Bank Nizwa to leverage IFIN’s cloud-based platform to make Islamic financing processes quicker, easier and hassle-free. Eliminating the need to visit a branch, the bank’s customers can now apply and obtain instantaneous finance to purchase goods from a list of authorised dealers in the Sultanate. These include Danube Home, Enza Home, Fahmy Furniture, Muscat Furniture, ID Design, Mustafa Sultan Electronics, Sky Orbits, Al Madina Cement and others. Following the success of Bank Nizwa’s ‘Instant Auto Finance’ proposition that helped customers avail on-the-spot financing with a record ‘10-minute financing process’ time, the bank has continued to join hands with IFIN to set new industry benchmarks with pioneering digital financing solutions.

Commenting on the partnership, Mr Khaled Al Kayed, Chief Executive Officer at Bank Nizwa, said, “Staying true to our digital transformational agenda, Bank