How to open a bank account in Nizwa

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

May, 2023

Last contact

April, 2024

Last update

October, 2023
  • started its work in 2013, a rapidly developing Islamic bank;
  • the bank opens savings (deposit) and current accounts;
  • the bank opens accounts only for local companies registered in Oman, and personal accounts also only for residents of Oman;
  • preference is given to companies older than 1 year;
  • to open an account for a foreign company will require the opening of a branch in Oman;
  • minimum balance and minimum account turnover per month – OMR 200* (~ USD 520);
  • after opening an account you will need to make an initial deposit of about OMR 100 000 (~ USD 260 000) to work with a personal manager;
  • for account opening personal visit of founders and account signatory in Oman is necessary;
  • basic available currencies: OMR, USD, EUR, GBP, but first you have to open account in local currency;
  • credit and debit bank cards are available, as well as checkbooks;
  • pre-approval is possible before the account opening process;
  • transfer fee to foreign bank is ~ OMR 5,25* (~ USD 14);
  • Internet Bank in English;
  • time of account opening: about 1-2 weeks

*Rates are approximate as they may eventually vary depending on the service program chosen by the client in the bank

GSL rating
Beginning of cooperation
May, 2023
Last contact
April, 2024
Last update
October, 2023
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General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
2013
History
Started operations in January 2013 after the Central Bank of Oman gave its initial approval for licensing the bank to Sheikh Saud bin Ali Al Khalili
Personnel
There are English-speaking staff
Bank’s shareholders
Sheikh Saud and 92 other Omani individuals, companies and pension funds are founding shareholders of the Bank. Aflaj Financial Investment LLC - 10,0%; Civil Service Employees’ Pension Fund - 6,19%; Al Ghadeer Investments Co. - 5,36%; Public Authority for Social Insurance - 4,91%; Diwan of Royal Court Pension Fund - 3,42%; Ubhar Capital SAOC - 3,38%; Parametric Portfolio Associates LLC - 0,040%
Confidentiality
AML legislation is strictly observed
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    Minimum requirements

    476
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    237 900
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimum balance per month - OMR 200 (~ USD 520)
    Transactions permitted per month
    No limit on the number of transfers
    Initial deposit of funds, €
    After opening an account you will need to make an initial deposit of about OMR 100 000 (~ USD 260 000) to work with a personal manager
    Deadline for the initial deposit, month
    Immediately after opening an account
    Minimum turnover, €/year
    Minimum account turnover per month - OMR 200 (~ USD 520)
    How fast payments are executed
    Same day or next day

    Tariffs and services

    13
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee to foreign bank is ~ OMR 5,25 (~ USD 14)
    Incoming transfer, €
    The bank does not charge for incoming calls
    Distant access to the account
    Internet banking in English
    Financial products
    Bank spetsializiruyetsya na predostavlenii vsekh bankovskikh uslug v sootvetstvii s printsipami islamskogo shariata. Osnovnoy tsel'yu Banka yavlyayetsya predostavleniye produktov i uslug v dvukh biznes-segmentakh: Bankovskoye obsluzhivaniye korporativnykh kliyentov i Roznichnoye obsluzhivaniye.
    Bankovskoye obsluzhivaniye korporativnykh kliyentov vklyuchayet kommercheskiye bankovskiye uslugi, investitsii, kaznacheystvo, mezhdunarodnyye bankovskiye operatsii, rynki kapitala i torgovoye finansirovaniye.
    Segment roznichnykh bankovskikh uslug okhvatyvayet kanaly raspredeleniya prodazh, chastnyye bankovskiye uslugi / upravleniye aktivami, razrabotku produktov, marketing / svyaz' s obshchestvennost'yu / svyaz' so SMI, razvitiye brenda i upravleniye im.
    Islamskiye bankovskiye produkty kompanii vklyuchayut mudaraba, murabakha, musharaka, istisna, idzhara, salam i sukuk Ещё 816 / 5 000 Результаты перевода Перевод The bank specializes in providing all banking services in accordance with the principles of Islamic Sharia. The main objective of the Bank is to provide products and services in two business segments: Corporate Banking and Retail Banking.
    Corporate banking includes commercial banking, investments, treasury, international banking, capital markets and trade finance.
    The Retail Banking segment covers sales distribution channels, private banking/wealth management, product development, marketing/PR/media relations, brand development and management.
    The company's Islamic banking products include Mudaraba, Murabaha, Musharaka, Istisna, Ijarah, Salam and Sukuk.
    Credit/debit cards
    Credit and debit bank cards are available, as well as checkbooks

    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    For account opening personal visit of founders and account signatory in Oman is necessar
    Required
    For legal entity: Memorandum and Articles of Association; Company Registration; Account Opening Resolution indicating the signatory of the account; Chamber of Commerce Certificate; Municipality Activity License, Municipality Certificate; completed bank form for the company and owner; copies of current contracts with counterparties; office rental agreements, cash flow chart, ownership structure chart, etc.
    On physical persons (directors / shareholders / beneficiaries / attorneys): proof of identity (passport) + Resident ID card; proof of address not older than 3 months; CV; bank references + bank statements for the last 6 months
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable

    Banks of Oman

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    1 800
    N/A
    2
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
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