Bank Nizwa signs RO18mn financing agreement with OFIC

June 02, 2019

Bank Nizwa announced that it has signed a RO18mn memorandum of understanding (MoU) for a Sharia’a-compliant financing agreement with Oman Food Investment Holding Co (OFIC), helping the group to invest in its companies and new projects and promote its portfolio of food companies.

The agreement was signed by H E Dr Hamad bin Said al Aufi, Minister of Agriculture and Fisheries and chairman of OFIC, as well as Khalid al Kayed, CEO of Bank Nizwa. This recent agreement follows another financing deal of RO15mn, which was signed last year between Bank Nizwa and one of the OFIC’s group companies, Al Bashayer Meat Co.

Kayed said, “Partnering with OFIC is a translation of our commitment to diversify Bank Nizwa’s portfolio. These agreements will enhance our role as the leader of Islamic finance in the sultanate by offering tailored Sharia’a-compliant solutions to corporate clients, and continuing to expand our products and services to cater to the requirements of various industries within the market. This is a strategic collaboration, given our role in contributing to Oman’s food security both in the sultanate and outside.”

Eng Saleh al Shanfari, CEO of OFIC, said, “We are proud of the relationship with Bank Nizwa. At OFIC, we always look for opportunities to invest in food projects locally and internationally. Our partnership with Bank Nizwa will support us in partnering with strategic investors and growing our group companies. We are looking forward to a long and mutually beneficial relationship.”

Oman Food Investment Holding Co is a leading government company that aims to invest in the food sector.