​​​​​​​You ask, Muzn answers

Welcome to Muzn’s Frequently Asked Questions (FAQ’s) where you can find answers to questions that might arise as you begin to discover more about Muzn and the benefits of Islamic Banking. Muzn’s Shari’a experts will address your questions and provide the right answers, so please do not hesitate in helping us complement Muzn’s mission of being your trusted banking allegiance.​

Islamic Banking

Muzn Islamic Banking complies with the setup of a Shari'a Supervisory Board who advises the bank and ensures that the operations and activities of the bank comply with Shari'a principles. All products and services offered by Muzn are fully approved by their Shari'a Supervisory Board Members and Central Bank of Oman. 

To view ​Shari’a ​​Board Members please click ​here​.​

Muzn Islamic Banking accepts customer deposits (money) on the basis of Qardh (Current Account), Murabaha​(Savings Account) and Wakala (Wakala Investment Account). These deposits are invested in Shari’a Compliant Trade transactions, such as Murabaha, Ijara or any other Shari’a compliant mode of Finance or Investments. Any profit, generated from these transactions is distributed between Muzn Islamic Bank and Customers as per the nature of the Deposit Contract.​

Muzn is an Arabic word that means “Rainy Clouds” which are associated with favorable outcomes such as growth, prosperity and blessings. Muzn Islamic Banking is a brand of National Bank of Oman, offering Islamic Banking Services as per the Shari’a guidelines,, with all activities supervised by the independent Shari’a Supervisory Board. All activities conducted by Muzn Islamic Banking are independent and separate from the activities conducted by National Bank of Oman.​

Islamic Banking is a banking system where related transactions and activities are conducted in accordance with the principles of Shari’a that allows asset-backed financing and prohibits interest-based dealings. 

The principles, which accentuate moral and ethical values in all dealings, have wide universal appeal. The Islamic Banking follows the rules of Shari’a, the main source of Shari’a is Qur’an, followed by the Ahadiths of Prophet Muhammad (Peace Be Upon Him).Islamic banking activities must be practiced along the lines of the Shari’a and its real-world application through the development of Islamic economic principles. Many of these are commonly accepted all over the world, and have been practiced for centuries. Shari’a forbids the payment or acceptance of interest charges (Riba) for the lending and accepting of money, as well as prohibits activities and practices contrary to principles of Shari’a.​

Yes, upon request, and Muzn may transfer funds from an Islamic account to a conventional account. On the other hand, only the principal amount can be transferred from a conventional account to an Islamic account. No element of interest is allowed to be transferred.​

No. Islamic banking is available for all individuals of all religious beliefs.

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