Bank Nizwa is Oman’s first dedicated Islamic bank offering a unique banking experience that combines Shari’a-compliant products and services with today’s dynamic financial requirements. Since its inception in January 2013, the Bank has become a reliable partner to a growing customer-base, a market that is actively seeking an alternative to conventional banking. With a number of innovative and competitive propositions, its portfolio ranges from a full suite of personal banking solutions to relationship management and treasury products for global markets.
Bank Nizwa partners with SQU to offer Islamic finance Summer Program
Bank Nizwa, in collaboration with Sultan Qaboos University (SQU), is offering a Summer Program on the fundamentals and principles of Islamic finance. Starting August 21st 2016, the two-week program will include a series of lectures and workshops conducted in association with experts and industry veterans from the bank. A number of field visits will also be organized for the students to visit the Central Bank of Oman (CBO), Capital Market Authority (CMA), Collage of Banking and Financial Studies (CBFS) and the Ministry of Awqaf and Religious Affairs among others.
Dr. Ashraf Nabhan Al Nabhani, General Manager Corporate Support at Bank Nizwa, said, “Through this collaboration with SQU, we are aiming to bring Islamic finance to a new generation of Omanis and provide them with a solid understanding and overview of the industry and what it offers whether on a personal or professional front. With 50% of Oman’s population under the age of 25, it is essential to harness the power of youth in order to fully maximize the potential of the Sultanate’s growing Islamic finance industry.”
The program will provide a complete overview of Islamic finance, its concepts, values and instruments. Topics will include detailed analysis of Islamic based accounting, the differences between conventional and Shari’a-compliant economics, investments under Islamic finance, Sukuk, as well as the role of Shari’a Advisory Boards in Islamic banks to name but a few. In addition, the field visits will facilitate first-hand experience on the operations of an Islamic finance organization, providing students with the opportunity to network and learn from Oman’s leading financial experts.
Dr. Majida bint Taleb Al Hinai, Head of the Independent Learning Center at SQU also commented on the program, saying, “Islamic finance is one of the fastest growing sectors in the world economy, becoming systematically important and influential throughout the Middle East, Asia, Africa and even Europe. Right here in Oman, despite the industry being only three years old, it had gross assets touching OMR2.25 billion at the end of 2015 and is on course to capture 10% market share of the banking industry by 2018, according to the CBO. With that in mind, Islamic finance has the potential to play a very important role in Oman’s future, making it important for students to have a clear understanding of the industry.
Bank Nizwa has been dedicated to raising awareness on Islamic finance through seminars, courses and roadshows since its inception three years ago. The bank has launched many initiatives to share the principles and values of Shari’a-compliant banking with the public including the ‘Islamic Finance News Oman Seminar & Dialogue 2016’ and the ‘Islamic Finance Knowledge Series’. Its commitment to support the growth of the industry has seen the bank welcome delegations from educational institutions from around the world including the University of Washington, Paris Dauphine University, as well as hosting the Right Honorable Alderman Alan Yarrow, Lord Mayor of London, to name but a few.
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