Bank Nizwa Targets Financial Inclusion With WPS Savings Account for Salaried Employees
Through the launch of the WPS Savings Account, Bank Nizwa reaffirms its commitment to providing responsible Islamic financial solutions that promote workforce stability, regulatory compliance, and inclusive economic growth across the Sultanate.
Reaffirming its commitment to advancing responsible Islamic banking practices that integrate regulatory compliance with a customer-centric approach, Bank Nizwa, the Sultanate of Oman’s leading and most trusted Islamic bank, has launched the Wage Protection System (WPS) Savings Account. This Mudaraba-based savings solution, compliant 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.
“At Bank Nizwa, we view financial inclusion as a strategic responsibility, aimed at bringing key workforce segments into the formal banking system through responsible, Sharia-compliant solutions. By aligning regulatory compliance with Islamic finance principles, this initiative enhances economic participation, strengthens trust in the banking system, and contributes to a more resilient and equitable financial ecosystem. It also demonstrates our commitment to creating structured financial pathways that support workforce stability and long-term economic continuity.”
– Mr. Mohamed Al Ghassani, Chief Retail Banking Officer, Bank Nizwa
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.
Designed for accessibility and ease of onboarding, the account features simplified Know Your Customer (KYC) requirements, requiring only a valid national ID for Omani customers, and a valid resident card and passport for non-Omani customers. Eligible customers must be 18 years or older, with a monthly salary not exceeding OMR 350, and may open the account at Bank Nizwa branches.
Customers enjoy free mobile and internet banking access, allowing convenient day-to-day account management, along with complimentary periodic statements and e-statements. The account is linked to a Maal national payment card, enabling customers to meet essential local payment and cash access needs within a regulated Wage Protection System-linked banking solution. Additionally, the account supports both domestic and international remittances and can be converted to a regular savings account upon request.
To maintain its intended purpose and ensure sound governance, the account is strictly designated for personal use, with one account allowed per customer across all banks in the Sultanate, supported by a formal declaration. The account is subject to defined usage parameters and eligibility criteria, including exclusions for high-risk customer categories, in line with regulatory and risk management requirements.
Through the launch of the WPS Savings Account, Bank Nizwa reaffirms its commitment to providing responsible Islamic financial solutions that promote workforce stability, regulatory compliance, and inclusive economic growth across the Sultanate.
