National Bank of Oman’s Islamic Banking window, Muzn, and Oman’s Administrative Affairs Council for the Judiciary signed a Memorandum of Understanding (MoU) for the provision of Shari’a-compliant banking services.
As per the exclusive agreement, Muzn will become the only banking service provider to the council and all its courts spread across various locations in the country
“Our innovative solutions will play an important role in transforming the Council’s payment infrastructure and help ease financial operations and banking transactions. We are very proud of this partnership. Over the years, we have fostered a profound and solid relationship with the government sector and remain fully committed to elevating the banking experience for the general public in our continued pursuit to become Oman’s bank of choice.” said Sayyid Wasfi bin Jamshid Al Said, Acting Chief Executive Officer at NBO.
Deputy of Courts General Administration, Khalfan bin Nasser Al Mahrezi said, “This agreement comes in line with the Administrative Affairs Council for the Judiciary represented by the General Administration of Judiciary efforts to manage and preserve the deposited funds of the courts, and further improve the withdrawing and depositing procedures while applying the highest levels of supervisory and transparency. The agreement also paves the way to creating a foundation where financial dealings are controlled within an established framework, managed through a special programme which is currently being developed by the Council.”
This partnership is anticipated to streamline the Council’s payment infrastructure, offering Point of Sale (POS) services at more than 45 locations. Muzn will also give Shari’a compliant investment solutions to the Council, which will maximise returns on funds.