Oman-based Islamic financial institution Bank Nizwa has rolled out a wealth management centre in the northern city of Nizwa, while UAE-based National Bank of Fujairah (NBF) has unveiled a investment management business to provide mass affluent people with investment solutions.
The wealth management centre is looking to provide a Sharia-compliant offering to high net worth individuals.
Customers receive a full range of tailored products and services, including 24/7 direct access to a personal banker.
The programme is an extension of the bank’s suite of personal retail banking products.
Khalid Al Kayed, chief executive of Bank Nizwa, said: “The opening of a dedicated centre for wealth management will help [us] get closer to our customers in order to highlight our host of innovative Sharia-compliant solutions on offer.
“We see Nizwa as an important growth region, and this move reflects our ambition to continue our growth in all governorates across the Sultanate.
“We would like to continue playing a greater role as partners in growing the business portfolio of our wealth management customers.
“The main proposition from this launch is the personal experience and the links established between our advisers and the growing wealth management customer base.”
National Bank of Fujairah will use more than 30 international fund managers to build the model portfolio in a bid to help investors reach long-term goals depending on circumstances such as risk appetite, life cycle and time horizon.
Model portfolio solutions can start from $25,000 (£19,100, €22,200) for lump sum investments and $1,000 for a monthly contribution in a systematic investment plan – across both conventional or Sharia-compliant investment solutions.
NBF’s investment solutions are offered in eight risk-based model portfolios, comprised of multi-asset mutual funds.
Each portfolio contains an average of 12 mutual funds that invest in various asset classes and geographies.
NBF’s chief executive, Vince Cook, said: “The bank has taken a number of years to find an approach that can be easily understood yet draws on the enormous number of options available to deliver an unbiased and objectively chosen mix of investments.
“This provides a cost-effective entry for people of different financial positions to a world that is often only available for significant lump sums.
“We are excited to offer clients with various financial capabilities a proposition that is typically reserved to private banking clients.”