Alizz Islamic Bank, OPAL organise knowledge sharing session for SMES
Alizz Islamic Bank, in cooperation with the Omani Society for Petroleum Services (OPAL), organised a knowledge awareness on financial inclusion and literacy for small and medium enter
prises in the energy sector. They were educated on the provisions and principles of sharia’a and the correct methods and sequence of procedures starting from opening a corporate account to how to obtain financing.
The objective of the knowledge sharing session was to enhance the knowledge of the small and medium enterprises in this critical sector and raise awareness about the services provided by banks to this sector and the companies operating in
it, and teach them skills that enable small and medium enter
prises to grow, raise their competitive capabilities through innovative and sustainable programmes with the aim of developing the individual and society, diversifying their sources of income and raising their contribution to the GDP.
The presentations also included how to prepare financial
budgets and plan ahead, improve the cash cycle and cashflow, issuing invoices to customers on time, active follow-up, maintaining the appropriate credit limit,
as well as the importance of developing emergency plans in the event of any defaults and how to avoid them.
They were taught how to enter new markets, access resources, innovation, and provide permanent job opportunities in line with Oman’s 2040 vision on the importance of supporting small and medium enterprises to be the main engine of the national economy.
Alizz Islamic Bank provides SME banking solutions that help local entrepreneurs and Small
and Medium Enterprises (SMES) achieve their business goals through an array of innovative
sharia’a-compliant solutions. As a local bank it believes in the importance of building the economy from the bottom up and SMES play a significant role in shaping the future of Oman.
The banks team of SME banking experts have developed a comprehensive suite of sharia’a compliant products and services that are designed to cater to the
needs of every SME and SMES are provided with a state of the art e-banking platform that enable them to conduct their various business transactions from the comfort of their offices.
Alizz Islamic Bank offers banking solutions that are compatible with the provisions of sharia’a using Islamic contracts such as Ijarah, Forward ijarah, Murabaha, Diminishing musharaka, Wakalah and Qard Hassan to provide working capital financing, asset financing, raw material financing, equipment financing and commercial financing.