NBO Muzn Islamic Banking Offers Exclusive Annual Fee Waiver for New Credit Card Customers - Middle East Business News and Information
NBO Muzn Islamic Banking has announced a waiver of the first-year annual fee for new credit card applicants. The offer, valid until April 30th, 2025, requires applicants to activate their card and complete at least one transaction within one month of issuance to take advantage of this initiative.
Salima Obaid Al Marzoqi, Assistant General Manager & Chief Islamic Banking Officer at NBO , said, 'At Muzn Islamic Banking, we remain steadfast in our mission to provide Shari'ah-compliant financial solutions that empower individuals and businesses with innovative banking experiences. This endeavour reflects our dedication to supporting our customers with flexibility and accessibility. By offering this exclusive opportunity, we encourage responsible financial management.'
As part of its ongoing efforts to enhance customer engagement, Muzn Islamic Banking continues to deliver forward-thinking, ethical, and Shari'ah-compliant financial services, offering a wide range of accessible and transparent banking products.
With a strong focus on customer-centricity and service excellence, Muzn Islamic Banking is committed to supporting financial well-being through tailored Islamic banking solutions that ensure customers benefit from seamless and ethical banking experiences.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CairoScene
a day ago
- CairoScene
Saudi Arabia & UAE Lead MENA in Sustainable Bond Issuance
Saudi Arabia led the MENA region in sustainable debt issuance, accounting for 66 percent of total activity. Total issuance from the Kingdom reached USD 6.25 billion, a 25% year-on-year increase. Saudi Arabia led the Middle East and North Africa (MENA) region in sustainable debt issuance during the first half of 2025, accounting for 66% of total activity, according to Bloomberg's Capital Markets League Tables. Total sustainable bond and sukuk (Islamic bonds) issuance from the Kingdom reached USD 6.25 billion, marking a 25% year-on-year increase. The Saudi government issued USD 1.58 billion, while Al Rajhi Bank issued two sustainable sukuks totalling USD 1.7 billion. Other major contributions came from Saudi Electricity Company (USD 1.25 billion), Alinma Bank (USD 500 million), and Saudi Awwal Bank, which issued an Additional Tier 1 (AT1) sukuk worth USD 650 million. The United Arab Emirates (UAE) followed, contributing 34% of the region's sustainable debt activity with USD 3.22 billion. Key UAE issuance included USD 700 million from the National Central Cooling Company (Tabreed) and USD 500 million from real estate developer Omniyat. Islamic finance instruments dominated the regional market, with total sustainable sukuk issuances reaching USD 6.8 billion, a 17% year-on-year increase. AT1 instruments - which help banks meet capital requirements under the Basel III international regulatory framework - reached USD 3.15 billion, the highest first-half figure recorded in the past five years. The Basel III framework will begin phased implementation in the region from 2026. Despite strong performances from Saudi Arabia and the UAE, overall sustainable bond issuance in MENA declined by 4.4% year-on-year, totalling USD 9.47 billion, compared to USD 9.91 billion during the same period in 2024. The drop was largely due to reduced activity in Egypt and Qatar and the impact of higher global interest rates.
Mid East Info
3 days ago
- Mid East Info
United Arab Bank Net Profit up by 50% for the First Half of 2025 - Middle East Business News and Information
Net profit reported at AED 208 million for H1 2025 compared to AED 139 million for H1 2024; reflecting a YoY increase of 50%. Earnings per share rose to AED 0.10 per share in H1 2025 compared to AED 0.07 in the corresponding prior year period. Total income increased by 24% YoY to AED 374 million for H1 2025, compared to AED 300 million for H1 2024, driven by higher net interest income which increased by 13% and higher non-interest income increasing by 70% compared to the corresponding prior year period. Total assets reported at AED 23.9 billion for H1 2025 representing a growth of 11% compared to December 2024. This is driven by a 16% growth in loans, advances, and Islamic financing and 10% growth in Investments. Asset quality metrics maintained their improvement streak with non-performing loans (NPL) ratio now dropping below 3% to 2.2%, and provision coverage increased to 148%. The Bank'scapital position remains robust, with a Common Equity Tier 1(CET1) of 12.1% and total capital adequacy ratio (CAR) at 16.3%. UAB's liquidity profile remains strong, as reflected by an Advances to Stable Resources Ratio of 80%, and an Eligible Liquid Asset Ratio of 17% – both comfortably above regulatory thresholds. Fitch and Moody's affirmed UAB's credit ratings at BBB+/Baa3, with 'Stable' and 'Positive' outlooks, respectively. UAE, 17 July 2025 – United Arab Bank PJSC (UAB or 'the Bank') has announced its financial results for the six months ended 30th June 2025. UAB posted a net profit of AED 208 million for the first half of 2025, compared to AED 139 million for the same period last year, representing a 50% YoY increase. Total income rose by 24% YoY to AED 374 million. The increase in net profit reflects significant growth in total assets—up 11% from December 2024—and the Bank's disciplined approach to risk management. UAB's balance sheet was further strengthened through a continued focus on asset quality and capital resilience. These results underscore the Bank's solid momentum and strategic readiness for future growth. H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: 'The Bank's exceptional financial performance in the first half of 2025 underscores the effectiveness of our strategic vision and the strength of our governance framework. Looking ahead, we are unwavering in our commitment to advancing the UAE's economic agenda while creating enduring value for all stakeholders. We will continue to lead with discipline, resilience, and an uncompromising focus on innovation, digital transformation, and operational excellence.' Shirish Bhide, Chief Executive Officer of United Arab Bank, said: 'Our first-half results reflect robust operational performance and the growing impact of our transformation agenda. The strong growth in profitability and total assets highlights the success of our strategic execution and our unwavering focus on customer value, efficiency, and prudent risk-taking.' He added: 'As we move forward, we will continue to scale our digital capabilities, introduce innovative products, and further strengthen our control environment—while keeping the customer at the center of everything we do.' United Arab Bank is in the process of enhancing its capital by up to AED 1.03 billion through a Rights Issue offered to existing shareholders. This capital injection will increase the total share capital by up to AED 3.09 billion, subject to completion of the process and necessary regulatory approvals, strengthening the Bank's capital adequacy and enhance its resilience to any adverse macro-financial shocks, while enabling future asset growth towards achieving its strategic and financial goals. -End-
Mid East Info
4 days ago
- Mid East Info
NBO Enhances Financial Awareness Among Youth Across North Al Batinah - Middle East Business News and Information - mid-east.info
16 July 2025, Muscat: The National Bank of Oman (NBO) organised a series of workshops in collaboration with the North Al Batinah Governor's Office at the University of Technology and Applied Sciences in Sohar, the University of Technology and Applied Sciences in Shinas and the Vocational College of Al Khabourah. Titled 'My Financial Future', the workshops catered to young individuals aged 9-17 and complemented the Governor's Office's 'Summer of Leadership and Creativity' Programme by empowering participants with practical financial planning skills needed for the future. Several topics were covered throughout the workshops including smart saving, budgeting, investment fundamentals, alongside hands-on activities that encouraged students to apply what they learned in realistic scenarios. This marks NBO's second participation in the programme, underscoring its commitment to support the development of younger generations through initiatives that embed financial literacy in real, relatable contexts. Through its 'My Financial Future' workshops, NBO continues to align its community outreach with national priorities by promoting responsible financial behaviours and equipping younger generations with practical skills and knowledge to navigate real-world challenges.
