Bank Nizwa highlights future of Islamic Finance in Oman
Solidifying Oman’s position in the global Islamic financial markets, Bank Nizwa, in partnership with Islamic Finance News (IFN), a leading online industry journal, brought together more than 200 leaders, regulators, industry experts and partners for the inaugural ‘Islamic Finance News Oman Seminar & Dialogue 2016’. Featuring a series of panel discussions, case studies and presentations, the event highlighted the opportunities available in the fast-growing Omani Islamic market for both capital-raising and investment. The seminar opened with the keynote address by H.E. Hamood bin Sangour Al Zadjali, Executive President of the Central Bank of Oman.
The first panel discussion, titled ‘Islamic Banking and Finance in Oman: An Industry Roadmap’, focused on Oman’s changing financial landscape and its outlook within five years. Providing insight on the market and how best to maintain the growth of corporate and retail banking was a panel featuring H.E. Abdullah bin Salim Al Salmi, Executive President of the Capital Market Authority and Dr. Jamil El Jaroudi, CEO of Bank Nizwa among other industry experts.
Commenting on the seminar, Dr. Jamil El Jaroudi said, “Bringing such a groundbreaking event to Oman reflects the Sultanate’s stable macroeconomic environment and the rapid development of Islamic Banking over the last few years. Despite being a relatively young industry, Islamic Banking has grown by leaps and bounds, gaining momentum on the back of continuous innovation, outreach programs, expansive services and exceptional customer service. As such, this seminar provided market players and regulators with an opportunity to exchange ideas and best practices, as well as identify prospects for growth and draw-up a strategic but more importantly implementable roadmap that leads to more milestones.”
The event also featured other panel discussions and roundtable debates that focused on asset management, investments, and Sukuk. They featured speakers including HE Mohammed Jawad bin Hassan, Advisor to the Ministry of Finance, Ahmed Al Mamari, Director General of the Directorate of Insurance Supervision, CMA, Mohammed Sajari, Senior Manager Shari’a Structuring at Bank Nizwa, and Dr. Ashraf Al Nabhani, General Manager Corporate Support at Bank Nizwa, who participated in his capacity as Chairman of Muscat Securities Market, to name but a few.
Concluding the day was a closed-door session entitled ‘IFN Oman Dialogue’ which included 15 of the most influential industry figures, regulators and experts. The two-hour Chatham House format roundtable discussed in detail the benefits and concerns facing the Shar’ia-compliant financing and investment market.
IFN is a digital, subscription-based publication available online and through smartphone and tablet applications. Published weekly, the journal provides exclusive and comprehensive coverage of the global Islamic financial markets through in-house analysis and expert external contributions; in addition to a daily news service, additional quarterly supplements and a variety of special annual issues. The leading publication kick-off 2016 with this industry seminar from Oman after organizing similar events during 2015 in the UAE, Saudi Arabia, Qatar and Kuwait.
The formation of Bank Nizwa came about with the Central Bank of Oman granting its initial approval to the licensing of the Bank to Sheikh Saud bin Ali Al Khalili. Sheikh Saud and a further 92 other Omani individuals, companies and pension funds constitute the founder shareholders of the Bank.
Bank Nizwa is Oman’s first dedicated Islamic bank, with fully Shari’a compliant products and services.
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