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

May, 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

May, 2024

Last update

October, 2023

Поиск консультанта...

+44 0 207 822 85 93

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

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