Bank Nizwa Leads Islamic Banking at Themar Conference 2024

Muscat, Oman – As Islamic finance continues to grow, Bank Nizwa stands out as a leader in Oman’s Islamic banking sector. Their commitment to fostering innovation, inclusivity, and development was evident in their active role at the Themar Islamic Banking Conference 2024. This inaugural conference, organized by The Arabian Stories (TAS) in collaboration with the Financial Services Authority (FSA) and Oman Banks Association, provided a pioneering platform for experts, stakeholders, and leaders to discuss Islamic financial transactions, economic stability, and the future of finance in the Sultanate.

Bank Nizwa Driving Islamic Finance

Bank Nizwa, recognized as a trusted and influential Islamic bank in Oman, demonstrated its leadership through its participation in the Themar Conference 2024. Their involvement underscored their commitment to fostering meaningful conversations around critical industry topics, while also reinforcing their continued role as a forward-thinking institution in Islamic banking.

The opening ceremony set the stage for high-level discourse and collaboration, attended by His Excellency Abdul Salam bin Mohammed Al-Murshidi, President of Oman Investment Authority, and Mr. Khalid Al Kayed, Chief Executive Officer of Bank Nizwa. Joining them were experts and key figures from the Islamic finance sector, making the event an ideal forum for sharing ideas, and best practices, and discussing the opportunities for growth in Islamic finance.

Engaging Discussions

Bank Nizwa’s active involvement in the conference brought a wealth of insights and ideas from their executive management team. Mr. Khalid Al Kayed set an inspiring tone with his opening address, where he discussed the bank’s drive to stay ahead of industry trends while pioneering advancements in Islamic financial transactions that are grounded in Shariah principles and aimed at supporting economic growth.

One of the conference highlights was the panel discussion titled “Islamic Financial Transactions in the Sultanate of Oman: Performance and Results,” where Sheikh Dr. Majid Al Kindi, Chairman of the Shariah Board at Bank Nizwa, shared his expertise. He focused on key aspects of Islamic finance, providing insights into how Islamic banking can effectively meet the evolving needs of consumers while staying true to ethical and religious standards. His contribution to the panel emphasized how Islamic finance principles are increasingly being seen as a viable and ethical alternative to conventional banking systems, with an emphasis on equitable transactions and sustainable growth.

Another standout moment was the engaging workshop led by Mr. Mustafa Al Naabi, Deputy Manager of Shariah Training at Bank Nizwa. The session focused on AAOIFI Shariah Standards, shedding light on the recent developments and advancements in these standards, which play a crucial role in shaping Islamic finance globally. The workshop not only covered the implementation of these standards but also explored how they align with current market demands, providing valuable insights into the future of Sharia-compliant investments.

Related: Bank Nizwa Highlights Waqf Significance and Hosts Workshop on Endowments

Themar Conference 2024

Reflecting on the bank’s pivotal role in Themar Conference 2024, Mr. Khaled Al Kayed noted, “We are honored to be part of Themar, a significant platform that encourages collaboration among key stakeholders, fosters the exchange of innovative ideas, and addresses emerging challenges within Islamic banking. We believe that the discussions at the conference will have a lasting impact on the strategic direction of Islamic banking in Oman, particularly in areas such as Waqf investments and Sharia-compliant financial products. By supporting these important dialogues, Bank Nizwa is not only advancing the potential of Islamic finance but is also contributing to the creation of policies and practices that drive sustainable economic growth and enhance financial inclusion.”

The conference covered some of the most pressing issues in the Islamic banking sector, offering a comprehensive exploration of themes like Waqf investments, operational risks, regulatory frameworks, and digital transformation. These discussions are instrumental in shaping the strategic direction of Islamic finance within Oman, ensuring that the industry remains resilient and adaptable in an evolving financial environment.

Bank Nizwa at Themar Conference 2024

Bank Nizwa’s contributions and pioneering role in Islamic finance were recognized through a series of prestigious awards presented at the conference. The bank was honored with the title of ‘Best Islamic Bank in the Sultanate for 2024,’ acknowledging its outstanding service, commitment to innovation, and adherence to Shariah principles. This award is a reflection of the bank’s leadership in offering reliable, ethical, and high-quality Islamic banking services that align with customers’ needs.

In recognition of its efforts in integrating digital solutions within Islamic banking, Bank Nizwa also received the ‘Digital Transformation Award for 2024.’ With digital transformation becoming increasingly important in the financial industry, Bank Nizwa’s strategic investments in digital infrastructure reflect its dedication to providing a seamless, user-friendly, and secure banking experience. From online banking platforms to innovative mobile banking solutions, the bank has embraced technology to enhance customer service and operational efficiency.

Additionally, the bank was honored with the ‘Sustainability Award’ in acknowledgment of its contributions to sustainable finance. This award highlights Bank Nizwa’s efforts in promoting responsible banking, focusing on environmental, social, and governance (ESG) principles. By offering sustainable financial products, engaging in community development, and adhering to ethical banking practices, Bank Nizwa stands as a key player in advancing sustainable finance within Oman’s Islamic banking sector.

Takeaways from Themar Conference 2024

Themar Conference 2024 provided a platform for key discussions and exploration of Islamic banking’s current and future landscape. Some of the key themes addressed at the conference include:

• Waqf Investments and Islamic Banking Operations: The role of Waqf (Islamic endowment) in supporting social welfare and economic stability was explored, offering insights into how such investments can contribute to sustainable development and community growth.
• Digital Transformation and Innovation in Islamic Finance: With technology becoming a critical component in financial services, discussions at the conference highlighted the increasing adoption of digital solutions within Islamic banking. The use of technologies like blockchain, artificial intelligence, and data analytics in enhancing customer experiences and operational efficiency was a significant topic.
• Regulatory Frameworks and Governance in Islamic Finance: The conference also delved into the significance of regulatory standards like AAOIFI Sharia Standards. As these standards continue to shape the Islamic finance sector, understanding their implementation and compliance was a key point of discussion.
• Opportunities for Public and Private Sector Collaboration: Discussions highlighted potential avenues for collaboration between the public and private sectors in Islamic finance. Identifying investment opportunities, governance principles, and the potential for public-private partnerships emerged as key aspects in ensuring growth and stability in the Islamic finance landscape.

Bank Nizwa’s Role

Bank Nizwa’s participation in Themar Conference 2024 not only reaffirms its leadership role but also highlights its commitment to being at the forefront of Islamic banking developments. The bank’s thought leadership, strategic discussions, and proactive policy development showcase its dedication to enhancing Islamic finance and aligning it with modern financial needs. As the Islamic finance sector continues to expand globally, Bank Nizwa’s focus on sustainable practices, technological innovation, and financial inclusion positions it as a key player in shaping the future of the industry.

With Islamic banking gaining prominence, particularly in the MENA region, events like Themar Conference 2024 are instrumental in driving the sector’s strategic growth. The conference provided a valuable opportunity for stakeholders to address challenges, share innovative ideas, and explore collaborative efforts in advancing Sharia-compliant finance. Bank Nizwa’s active contribution to these dialogues emphasizes its mission to lead the Islamic banking sector in Oman and beyond, setting benchmarks for excellence, innovation, and sustainable growth.

As Islamic finance continues to gain global relevance, Bank Nizwa is poised to drive further advancements in the sector. Their recognition at Themar Conference 2024 as a leader in Islamic banking reflects their dedication to providing ethical, Shariah-compliant financial services that cater to modern consumer needs while supporting Oman’s vision for economic growth and financial inclusion.