Wednesday March 8, 2017
Bank Nizwa, in partnership with Islamic Finance News (IFN) successfully concluded the second ‘Islamic Finance News Forum’. Attracting an array of key-players in the sector, the highly regarded Forum is one of Oman’s pre-eminent Islamic Finance events. Three members of the Bank Nizwa Management Team engaged in the day’s intense, extensive and productive discussions and deliberations.
Sharing his expertise in the well-attended IFN Debate was Bank Nizwa’s new CEO Khalid Al Kayed who, along with a select group of industry influencers, discussed the challenges of standardization and increased regulation to the growth of the current Shari’a-compliant investment market. The lively debate also explored the need for further legislation as well as the responsibilities of industry players in steering market activities, and their role in the creation of new products.
Khalid Al Kayed, said, “Embracing its responsibilities as the leader of Islamic Banking and Finance in Oman, Bank Nizwa has once more taken the opportunity to play a major role in the IFN Forum. Indeed, we look forward to continuing to act as a hub for the sharing of knowledge and know-how within the sector and also to educating the people of Oman on the considerable advantages and benefits of Shari’a compliant finance.”
The CEO also took part in the closed-door IFN Oman Dialogue session in the second part of the day to openly discuss the benefits and concerns facing the Islamic Finance and investment market today. Al Kayed added: “I am confident that the knowledge imparted today at this most important event in Oman’s banking and finance calendar has the potential to make a significant contribution to the development of the sector. We want to see market players leverage and incorporate the ideas we have investigated and discussed into their working practices and share them with colleagues and partners and stakeholders.”
Also contributing to the Forum was Bank Nizwa’s GM of Corporate Support, Dr. Ashraf Al Nabhani who offered insights into and observations on, the role of Islamic Finance in Oman’s economic development plans. In particular, Dr. Al Nabhani addressed the sector’s ability to support the Sultanate’s Tanfeedh program of economic diversification.
Catering to the burgeoning interest from the Oman’ youth in Islamic Finance, Mohammed Sajari, Bank Nizwa Head of Shari’a Structuring, took part in an extremely well received workshop introducing the fundamentals of Islamic Finance across multiple sectors. The session was aimed at 150 final year students from Sultan Qaboos University’s College of Law and Economics and from the College of Banking and Finance Studies.
Headed by leaders in Oman’s Islamic Finance Industry, other sessions at the forum looked into the legal and regulatory framework of Islamic Finance, the development of sustainable and efficient Islamic capital markets, capital market activity and economic development, and innovation in Islamic Finance.
Oman’s first dedicated Islamic Bank with fully Shari’a-compliant products and services, Bank Nizwa champions education on the benefits and potential of Shari’a compliant banking and finance across the Sultanate, and is committed to developing future leaders in the industry. To this end, the bank has organised and taken part in numerous forums, seminars, and workshops, collaborated with international institutions of higher education, and established the popular Islamic Finance Knowledge Series, and the Islamic Banking Knowledge Forum.