Bank Nizwa Launches Sharia-Compliant Savings Account for Low-Income Workers

Editorial Team

Last updated 12-01-2026

3 min

Bank Nizwa launches a new savings account for workers earning up to OMR 350 per month.

The WPS Savings Account follows a Mudaraba structure, sharing profits under Islamic finance.

This initiative supports financial inclusion by integrating underserved workers into the formal system.

Account setup is simple, offering free online banking, local payments, and international transfers.

Customers can only have one account, ensuring personal use and preventing misuse.

Bank Nizwa has rolled out a new savings account tailored for workers earning up to OMR 350 a month, and it’s very much in line with Oman’s Wage Protection System. I’ve seen similar efforts around the region, especially when covering stories for Arageek, and they often make a bigger difference than people expect — sometimes it’s the quieter initiatives that end up moving the needle.

The bank’s new WPS Savings Account follows a Mudaraba structure, meaning profits are shared between the bank and the customer under Islamic finance rules. These profits are calculated and distributed monthly, using a multi-tier system that depends on the balance. There’s also a cap of OMR 3,000 on the account to keep things focused on the workforce segment it’s meant to serve. It’s available only in Omani Rial, which feels quite spot on considering the regulatory framework.

Mohamed Al Ghassani, who heads retail banking at Bank Nizwa, explained that the WPS account is part of a wider push for financial inclusion. As he put it, the bank sees it as a “strategic responsibility” to bring underserved workers into the formal financial system in a way that stays true to Sharia principles. And believe it or not, this alignment between regulation and Islamic finance can sometimes be a bit of a faff, so seeing a product that ticks both boxes is refreshing.

Account setup has been made purposely simple: Omanis need only their national ID, while non-Omanis can use their resident card along with a passport. Customers must be at least 18, and their salary cannot exceed the OMR 350 threshold. Once opened, the account comes with free mobile and online banking, regular statements, and a Maal card for local payments and cash access. It also supports domestic and international transfers, and can later be converted to a regular savings account if needed.

One detail that stood out — and I reckon it’s a smart move — is that each customer can only have one such account across all banks. It keeps things tidy and prevents misuse, especially as the account is meant purely for personal use. Certain high-risk categories are excluded altogether under regulatory and risk guidelines.

On the flip side, although the features are solid, some workers may eventually want more flexibility than what a capped, regulated savings account can offer. Still, for many people who’ve struggled to enter the banking system at all, this could be a meaningful step. I remember meeting a small construction crew in Muscat years ago who had to juggle cash payments and informal transfers — and honestly, it was messy, even unsafe at times. Something like this would have made their lives much easier… well, I mean, definately easier.

Bank Nizwa positions this account as part of its broader mission to strengthen economic participation and enhance workforce stability. Whether it achieves all that remains to be seen, but the intention is clear: more inclusion, more structure, and a bit more peace of mind for workers who often fall through the cracks.

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