islamic finance

Alizz Islamic Bank AGM commends accomplishments and approves resolutions

April 11, 2022

Muscat: During its Annual General Meeting held in Crowne Plaza Al Qurum, Alizz Islamic Bank commended the bank’s accomplishments over the past two years and its success in overcoming the difficult times.

The meeting was chaired by Yahya Bin Said Al Jabri, Chairman of the Board of Directors of Alizz Islamic Bank, in the presence of other board members. In addition to Sheikh Issam Khalaf Al-Enzi, Head of the Sharia Supervisory Board of the Bank, and Sulaiman bin Hamad Al-Harthi, the bank’s CEO, witnessed the approval of the resolutions submitted to the Board of Directors along with relevant recommendations, in addition to approving different reports, the bank’s business strategy during the next phase and the Sharia Supervisory Board’s report.

Attendants also discussed the auditor’s report and agreed to allocate an amount of OMR 100,000 to CSR programmes. Moreover, a new board of directors, presided by Yahya Bin Said Al Jabri, was elected.

The bank’s CEO said that a year after Oman Arab Bank acquired Alizz Islamic Bank in 2020, Alizz Islamic Bank was able to realize profits; in addition, its main sectors witnessed remarkable improvements and growth, as the bank announced a net profit after tax of OMR 4.4 million, compared to a net loss of OMR7.6 million in 2020. Through adopting prudent and conservative policies, the bank managed to improve the level of expected credit losses (provisions) against exposure to credit risks, and they had a good coverage ratio against non-performing assets.

In 2021, the bank performed its obligations to its customers by offering financial solutions, with priority given to customer service, through a customer-centred philosophy. Moreover, the bank continued to invest in the existing digital platforms and offer fin-tech solutions. The bank also remained focused on building on the key pillars that ensure meeting customers’ needs while adopting a culture of innovation within the institution.

Al Harthi added that the performance of most sectors in Alizz Islamic Bank was aligned with the strategic plan, which was considered as the compass that directed these achievements, i.e. growth of all major indicators, which enhanced the bank’s profitability, despite the challenges witnessed during most months of last year due to the ongoing pandemic. Such success is attributed to the focused efforts made with regard to the re-alignment of business, cost rationalisation, financial discipline and improvement of asset quality.

“The year 2022 has started positively as confidence in the market was renewed and the economy recovered its ability to achieve growth, yet depending on external sources of income this time, due to the rise in oil and gas prices. Moreover, the Sultanate will witness growth in investment after the rise in oil prices, public investments related to Vision 2040. In addition, it is expected that recovery of household spending will continue in 2022 though it will remain affected by the COVID-19 restrictions.”

He concluded that the bank continues its efforts to develop a technology-based business model to keep pace with customers changing requirements and the need for disruptive technology. In addition, the bank's vision focuses on enhancing long-term benefits, together with the approach of realigning business models, cost rationalisation, financial discipline, and enhancing asset quality remaining the key factors that contribute to the success of the bank's journey.

In addition, the bank's vision focusing on enhancing long-term benefits, together with the approach of realigning business models, cost rationalization, financial discipline, and enhancing asset quality remain the key factors that contribute to the success of the bank's journey.

timesofoman

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