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Alizz islamic bank announces preliminary 2013 financial results

January 21, 2014

alizz islamic bank has announced its preliminary unaudited financial results for the period ending 31 December 2013 . Jamal Darwiche , Acting CEO, alizz islamic bank said, "The results were anticipated according to the initial feasibility study, plans and strategies. With our forecast to achieve up to 15 per cent year on year growth for assets, financing or deposits, we are heartened by early positive signs in 2014 to address the major financial challenges we faced as the newest Islamic bank in the Sultanate. We are committed to producing world-class and competitive banking solutions that meet the growing demand of Shari'ah compliant products and services tailored to the needs of our personal and corporate banking customers." Since its opening late September 2013 , alizz Islamic bank has booked OMR 3.9 million worth of financing assets and accepted deposits of OMR 1.1 million . The Bank's net loss for the period ending 31 December 2013 after absorbing start-up cost stood at OMR 3.2 million as forecasted.

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Source: CPI Financial

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