Muscat: In a strategic move to bolster the Islamic financial sector in Oman, Bank Nizwa, the leading Islamic bank in the Sultanate, has formalized several Memoranda of Understanding (MoUs) with key endowment institutions. These partnerships aim to provide advanced Sharia-compliant banking expertise to support and develop Waqf projects, aligning seamlessly with the objectives outlined in Oman Vision 2040. Through these collaborations, the institutions aim to exert a positive influence on the Islamic financial sector, the Omani economy, and society at large.
Strategic Partnerships for Community Development
The first of these agreements was signed with the Bousher Endowment Foundation, focusing on the development and utilization of endowments in the Bousher governorate. This initiative is designed to generate sustainable benefits for local community members. Additionally, Bank Nizwa has partnered with the Hidaya Endowment Foundation, which operates under the Fatwa Office and aims to spread the teachings of Islam and Omani culture.
Bank Nizwa has also signed a MoU with the Intaj Endowment Foundation, an institution based on the concept of time endowment. This foundation is dedicated to sponsoring mosques, providing maintenance and operation based on investment principles, and managing assets allocated to mosques according to Islamic Sharia principles. Furthermore, the bank has partnered with AlWaqf AlKhayrii Foundation, a public endowment institution, to enhance endowment activities across the Sultanate.
Enhancing Waqf Projects through Expertise and Innovation
Commenting on the partnerships, Khaled Al Kayed, Chief Executive of Bank Nizwa, said, “We are delighted to join hands with these endowment institutions to enhance constructive cooperation that can positively impact communities across the Sultanate. These partnerships reinforce our commitment to social responsibility while highlighting the pivotal role Islamic finance plays in driving economic growth and encouraging inclusive development. Through such initiatives, we aim to assist individuals and needy families, while also contributing to the long-term prosperity and stability of the economy.”
Comprehensive Support for Sustainable Development
According to the terms of the agreements, Bank Nizwa will provide logistical and technical support to the endowment institutions. This support includes assistance in planning, establishing, operating, and managing endowment and investment projects, as well as disbursing funds to beneficiaries. Additionally, the bank will actively promote the financial services and initiatives of the foundations through its diverse channels.
Moreover, Bank Nizwa will offer training and awareness services related to endowments, governance, compliance, risk management, investment, and performance indicators. These efforts aim to elevate the level of endowments to meet desired standards.
Monitoring and Evaluation for Success
To ensure the successful implementation of these projects, the institutions will establish a collaborative task force to regularly monitor and evaluate progress, providing periodic updates. This approach allows all parties to promptly identify and address challenges, ensuring the success of each Waqf project.
As part of its ongoing efforts to strengthen the Islamic sector in Oman, Bank Nizwa continues to play a vital role in providing Sharia-compliant financial services. The bank actively launches initiatives aligned with its strategic directives to enhance economic growth and develop an integrated Islamic financial system.
By partnering with these endowment institutions, Bank Nizwa not only supports Waqf projects but also reinforces its position as a leader in Islamic finance. This collaboration reflects the bank’s dedication to fostering economic development and social welfare through innovative and sustainable financial solutions.
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