MUSCAT, FEB 19
The competitive Islamic banking landscape in Oman presents promising opportunities for growth and development, says Kamal Uddin al Maraza, GM and Chief Officer of Dhofar Islamic Banking.
Al Maraza shed light on the inclusive and competitive nature of Islamic banking, in an interview with the Observer, on the sidelines of the Islamic window's rebranding from Maisarah Islamic Banking Services to Dhofar Islamic, at a ceremony held yesterday at the JW Marriott Hotel.
Reflecting on a decade of progress since the establishment of its Islamic window in the country, he highlighted the institution's dedication to expanding and evolving its services to offer exceptional banking experiences for all clients.
The growth of Islamic banking in Oman is evident through the establishment of new branches in various cities, totaling 24 Dhofar Islamic branches, supported by modern banking services like mobile and internet banking. By harnessing technology, Dhofar Islamic aims to provide a seamless and inclusive banking experience that caters to a diverse clientele, including non-Muslim customers.
Emphasising inclusivity and competitiveness, Al Maraza said, “these (Islamic banking) institutions welcome customers from all segments of society, ensuring that their services and offerings remain competitive in the market.”
The rebranding move, transitioning from Maisarah Islamic Banking Services to Dhofar Islamic signifies a significant milestone in the sector. The unveiling of a new visual identity, held under the auspices of Dr Mohammed bin Said al Maamari, Minister of Endowments and Religious Affairs, symbolised by a constellation of stars, underscores the core values of the institution and its unwavering commitment to providing top-tier products and services to all customers.
Al Maraza expressed that the rebranding to Dhofar Islamic signifies a proactive move that mirrors the organisation's strong ties to Islamic principles. The rebranding aims to establish Dhofar Islamic as a dynamic and forward-looking establishment, dedicated to offering innovative and ethical financial solutions. This initiative strengthens the company's position in the competitive market by presenting a rejuvenated identity that aligns with its core values and long-term objectives.
As part of this strategic move, Dhofar Islamic has expanded its branch and ATM/CDM network, enhanced its product propositions, and focused on cultivating a seamless digital banking experience. This rebranding effort signifies not only a change in name but a reinforcement of the institution's values, dedication to customers, and pursuit of excellence in banking services, he said.
Looking ahead, Dhofar Islamic is positioned as a forward-thinking entity within the competitive financial sector, dedicated to championing inclusivity and competitiveness. Through this commitment, the institution aims to deliver exceptional service underpinned by ethical banking practices, transparency, and a customer-centric approach, he added.
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