Bank Nizwa Targets Financial Inclusion With WPS Savings Account for Salaried Employees

Reaffirming its commitment to advancing responsible Islamost trusted Islamic bank, has launched the Wage Protection System (WPS) Savings Account. This Mudaraba-based savings solution, commic banking practices that integrate regulatory compliance with a customer-centric approach, Bank Nizwa, the Sultanate of Oman’s leading and pliant with Sharia principles, is designed to support salaried employees earning up to OMR 350 per month. It enables eligible Omani and non-Omani employees to receive their salaries in accordance with the Central Bank of Oman’s Wage Protection System directives, while providing the opportunity to earn monthly profits within a regulated and transparent Islamic banking framework.

The WPS Savings Account is structured under a basic Mudaraba arrangement, with profits distributed monthly under a multi-tier Mudharaba profit framework. To ensure responsible usage and regulatory compliance, the account carries a maximum balance cap of OMR 3,000 and is denominated exclusively in Omani Rial.