NBO islamic banking window Muzn introduces Tijarah account

NBO islamic banking window Muzn introduces Tijarah account

Muscat: In a strategic move to empower businesses, National Bank of Oman Islamic Banking window Muzn has introduced Muzn Tijarah Account, providing a unique solution for its valued customers. This Shari'a-compliant product is designed to offer corporates, SMEs, charity organisations, and entrepreneurs an innovative solution to generate compelling returns on their excess cash reserves. Muzn Tijarah operates as a tiered profit-earning account allowing businesses to earn on every riyal deposited. As the deposited amount increases, so does the expected profit rate.

Salima Al Marzooqi, Chief Islamic Banking Officer of Muzn, said: "We at Muzn, have been always at the forefront to empower businesses with innovative solutions for their ever-evolving needs. We are delighted to introduce the Muzn Tijarah Account, presenting a distinctive solution for businesses to effectively manage liquidity or surplus funds in a lucrative manner. This initiative reflects our commitment to providing innovative and flexible banking solutions; empowering our customers to make the most of their financial resources."

Based on the principles of Wakalah bil Istithmar, the Muzn Tijarah account directs funds into a Sharia-compliant investment pool. Profit accrual on the daily closing balance is a unique feature of this account, with the earned profit credited at monthly intervals. Unlike traditional