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Bank Nizwa Approves Proposals For New Products And Services During Shari’a Supervisory Board Meeting

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Bank Nizwa’s Shari’a Supervisory Board held its 19th meeting since inception to review and assess the bank’s overall Shari’a Governance Framework. During the meeting, which was led by Chairman Sheikh Dr. Abdul Sattar Abou Ghuddah, the Shari’a Board approved proposals for the introduction of new products and business propositions to meet the evolving sophisticated financial needs of its growing customer base.

The meeting was also attended by members of the bank’s dedicated Shari’a Division, who were on hand to update the board on its 2017 Shari’a Master Plan. The internal roadmap covers a wide range of Shari’a Structuring and Compliance initiatives designed to support the bank’s end-to-end operations, including the Shari’a Audit plan and Shari’a Training Strategy.

Mohamad Noranuar bin Sajari, Head of Shari’a Structuring at Bank Nizwa, said, “The guidance of our Shari’a Supervisory Board allows us to remain true to the principles of Islamic finance and embed them in all that we do. Every products, services, and processes are reviewed by the Shari’a Board, enabling us to continue pioneering the development of tailored need-based Shari’a-compliant financing solutions and spearhead growth. Thanks to the synergy between our renowned scholars and every department within the bank, we are well positioned to achieve even greater success in the future.”

Bank Nizwa’s Shari’a Supervisory Board is comprised of prominent scholars specializing in Islamic jurisprudence and finance. Joining Sheikh Dr. Ghuddah, its other members include Sheikh Dr. Mohammad Bin Rashed Al-Gharbi, Assistant Professor at Sultan Qaboos University and Sheikh Ibrahim Bin Nasser Al-Sawwafi, Fatwa Trustee at the Ministry of Awqaf and Religious Affairs. The board operates in complete alignment with the Central Bank of Oman’s Islamic Banking Regulatory Framework and the Shari’a standards issued by the international Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).