IFIN and Bank Nizwa partner to provide instant Islamic goods financing

By Leandra Monteiro

IFIN, an Islamic FinTech, announced its partnership with Bank Nizwa, Oman’s first full-fledged Islamic bank in the Sultanate, offering a plethora of Shariah-compliant products and services, to introduce instant Islamic ‘Goods Financing’ with the aim of enriching the bank’s Islamic product offering and meet its digital transformation goals.

This partnership is a continuity of a series of collaborations between IFIN and Bank Nizwa to advance the bank’s innovation in Islamic banking services and strengthen its leadership in the Omani market. After the launch of instant Islamic Auto financing, Bank Nizwa continues to leverage IFIN’s cloud-based platform to digitalise the financing process of goods purchase, end-to-end, and enable customers to complete their finance within minutes, and without having to visit the bank’s branches.

IFIN instant Islamic financing solutions will enable Bank Nizwa to significantly reduce finance applications’ Turn-Around-Times, cut down operational costs, and improve the shopping experience of their clients. Customers can now apply and obtain finance instantly to purchase goods from a list of authorized dealers in the Sultanate. They will also benefit from complete transparency of the bank’s profit margin and installment plan upon submitting the application and at the time of signing the contract.

Dr. Shaher Abbas, Founder and Chief Executive Officer of IFIN said, “We are pleased to expand our partnership with Bank Nizwa to introduce further Islamic digital solutions in the Omani market. IFIN is transforming the Islamic financing experience for retail shoppers. Customers in the Sultanate are now able to finance their purchases instantly through secure digital channels and without visiting any of the bank’s branches. We are proud to consistently support the digital transformation of our partners to strengthen their competitiveness and offer their clients a seamless experience.”

Khalid Jamal Al Kayed, Chief Executive Officer of Bank Nizwa, said, “As a leading provider of innovative products and services, Bank Nizwa has always strived to provide its customers with the highest level of convenience and speed. Together with IFIN, the Bank has introduced a suite of instant products based on technology. It is an extension of the same concept to provide instant Islamic financing of goods. We are rolling out this compelling digital feature to all our customers, who will be able to complete their purchases in a hassle-free manner. We believe that this initiative will help the bank to consolidate its position as the financial partner of choice for people and enterprises in the country.”