Bank Nizwa participates in 1st Salalah International Forum on Islamic Finance

MUSCAT: Bank Nizwa sponsored and participated the 1st Salalah International Forum on Islamic Finance in partnership with the College of Banking and Financial Studies (CBFS) and Shariacompliant experts Tawafuq Consultancy in Malaysia. The event discussed the role of Shariacompliant banking in economic development, promoted knowledge exchange among industry stakeholders, and identified solutions to common challenges faced by practitioners. Opened by Sayyid Mohammed bin Sultan al Busaidy, Minister of State and Governor of Dhofar, and presented by Hamood bin Sangour al Zadjali, Executive President of the Central Bank of Oman, the two day conference provided attendees with in-depth insights into the rapidly growing $2 trillion global Islamic finance industry.

Khalid al Kayed, CEO of Bank Nizwa, said, “The Islamic finance industry in the Sultanate has enjoyed robust growth since its launch several years ago, with total asset growth rate of Oman’s Sharia-compliant banking sector standing at 40 per cent year-on-year since 2013. This highlights the potential for Oman to become a hub for Sharia-compliant banking solutions.”

On behalf of Bank Nizwa, Mundher al Ghazali, Assistant Manager Sharia Compliance & Structuring, and Mustafa al Naabi, Senior Sharia Auditor, presented an academic paper on Islamic finance’s structure and concepts. The paper analysed the importance of understanding Sharia-compliant financing, savings and leasing structures.