2022-11-23

Bank Nizwa Launches Oman’s First Shari’ah-Compliant Eco-Friendly Credit and Debit Cards

22nd November, Muscat: In line with its core values, innovative mindset and commitment to sustainability, Bank Nizwa became the first Islamic bank in Oman to introduce Shari’ah-Compliant eco-friendly credit and debit cards. The cards were revealed at an event held under the patronage of His Excellency Dr Abdullah bin Ali Al Amri, Chairman of the Environment Authority at Oman Aquarium, Mall of Muscat on 22nd November. Designed to cater to different segments of customers’ needs by offering consumer-driven solutions that deliver value, the newly-launched cards bring the best of sustainable practices, exclusive rewards and unparalleled convenience in one card. 

Bank Nizwa strongly endorses the Oman Vision 2040, which advocates protecting the environment and conserving Oman's biodiversity. The brand-new card collection is made from Polylactic Acid (PLA), typically derived from fermented plant starch, like corn. PLA bioplastics are environmentally friendly benefits since they are biodegradable compared to traditional plastic manufacturing. Switching to eco-friendly cards demonstrates the bank’s commitment to sustainability. 

Commenting on the newly launched cards, Khaled Al Kayed, Chief Executive Officer of Bank Nizwa said, “As the leader in the Islamic financial services industry, Bank Nizwa recognised the importance of sustainability and formed a strategy that deeply focuses on the same. The approach was created to promote sustainable development in the Islamic banking domain by considering environmental, social and economic objectives. The next phase of our journey will heavily involve sustainable practices and we are dedicated to introducing products and services that have a long-term, positive impact on society.”

Bank Nizwa's newly released products reflect as well its dedication to digitalisation. With technology, the cards unlock infinite privileges that match the lifestyles of the bank's premium customers, creating a seamless experience that is secure and hassle-free for cardholders. The eco-friendly cards provide a bespoke value proposition with benefits categorised under travel, lifestyle, and providing peace of mind. By offering a comprehensive suite of benefits, Bank Nizwa seeks to make adopting eco-friendly products easier, convenient and more attractive for customers.

Purpose-driven in its approach, Bank Nizwa has been at the forefront of conceptualising, implementing and promoting sustainable practices in society. The bank is also in close alignment with the UN Sustainable Development Goals (SDGs) and has been playing a key role in helping the Sultanate achieve its vision of being listed among the top 20 countries in the worldwide Environmental Performance Index. Bank Nizwa will continue to focus on deploying the highest levels of customer service, innovative products and Shari’ah-compliant financial solutions whilst advocating sustainable growth and development.

As an Islamic bank emphasising ethical practices, Bank Nizwa has launched a sustainability-linked financing initiative, yet another sign of the bank's commitment to helping the country transition to Net Zero emissions. Through the programme, companies will be further encouraged to adopt sustainable practices.  

 

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