Bank Nizwa Conducts Two Islamic Finance Knowledge Workshops in Nizwa

Bank Nizwa, Oman’s go-to reference of Islamic finance, conducted two educational workshops as part of its nation-wide roadshow, the ‘Islamic Finance Knowledge Series’. With the objective of raising awareness on Islamic banking to communities across Oman, the bank conducted two sessions in Nizwa at Imam Mohammed bin Abduallah Al Khalili School and Abu Obaida bin Jarrah for Secondary Education School, which saw the participation of over 150 teachers and students. Facilitating the sessions was Bank Nizwa’s Assistant Manager Shari’a Training, Mustafa Al Naabi who highlighted the values, benefits and unique propositions provided by Islamic financial solutions.

The ‘Islamic Finance Knowledge Series’ concentrates on the principles and objectives of Islamic banking, while providing an overview of the key differentiators between Islamic and conventional banking. In addition, it highlights the role and economics of Islamic finance in Oman and how Shari’a-compliant products and services meet the day-to-day requirements of customers.

“It is rewarding to see the next generation turn out in large numbers to attend the ‘Islamic Finance Knowledge Series’. This provides an added incentive to continue with our strategy and raise awareness on Islamic finance, while providing the youth of Oman with the tools they need to make sound financial decisions,” said Al Naabi. “We are confident that the series will have a significant impact on the growth of the sector, as a more financially educated young population avail of Sharia’-compliant products and services resulting in increased market share.”

The rise of Islamic banking in Oman continues to deliver a broad range of socioeconomic opportunities. The sector is growing at a faster rate than conventional banking, with Islamic banking credit up by 25 per cent YoY at the end of December 2017. As awareness in local communities continues to grow, industry analysts anticipate that the Sultanate’s Islamic banking assets, which accounted for more than 12% of the nation’s total banking assets in June 2018 are projected to continue growing. In the meantime, Bank Nizwa’s phase ‘Islamic Finance Knowledge Series’ is an ongoing program that targets all segments of society and the corporate world.