Tuesday March 3, 2020
Bank Nizwa, the fastest growing Islamic bank in the Sultanate, signed a Memorandum of Understanding (MoU) with Imam Jabir Bin Zaid Waqf Foundation, to spearhead the foundation’s efforts to promote raising awareness and funds related to Islamic Waqf and its impact related to humanitarian causes and the wellbeing of society at large. The agreement was signed by Saif Al Rawahi, Assistant General Manager Investment & Government Banking, Treasury and Project Finance at Bank Nizwa and Eng. Ahmed Al Rashdi, CEO of Imam Jabir Bin Zaid Waqf Foundation.
The partnership is in line with Bank Nizwa’s endeavors to support Islamic Awqaf (endowments), which is considered one of the most effective Shari’a-compliant tools to build and develop sustainable projects that serve key sectors in the economy. In addition, Bank Nizwa supported the foundation by sponsoring its ‘Endowment Provisions’ workshop, which was moderated by Sheikh Aflah Al Khalili, Vice President of Imam Jabir Bin Zaid Waqf Foundation, with participation of the local community in Nizwa. The workshop covered key topics including definition of Waqf, its types, pillars, alongside its importance and impact.
Mr. Saif Al Rawahi commented, “We are firm supporters of all entities that work tirelessly for the benefit of society and for the greater good of humanity. Our partnership with the Imam Jabir Bin Zaid Waqf Foundation will with no doubt serve the Islamic knowledge, raise awareness about the importance of Waqf in supporting humanitarian causes through the investment of Waqf assets and having a trust-worthy organization managing the proper spending of their returns.”
Eng. Ahmed Al Rashdi, CEO of Imam Jabir Bin Zaid Waqf Foundation said, “We would like to thank Bank Nizwa for their support of the foundation and its vision for Oman. This collaboration is not only about sponsoring the workshop, but also a partnership that we value in order to promote Waqf and Islamic values in general in our communities. In addition, we are encouraging all public and private sector entities and individuals to invest in Waqf assets, whether in real estate, manufacturing, trade, agriculture or other areas that are in line with Islamic Shari’a principles of Waqf and realize the associated benefits in the long run.”
The Imam Jabir Bin Zaid Waqf Foundation was established by His Eminence Sheikh Ahmed bin Hamad Al-Khalili, the Grand Mufti of Oman for all individuals in society to play their part and contribute to its wellbeing and social responsibility through Waqf investments and contributions from all levels of society. His Eminence Al-Khalili has assigned the management of the foundation to honorable personalities and designated specialized members with long diverse expertise for its first board of directors who has the know-how required for success.
Guided by the principles of Shari’a and a firm dedication to give back to society, Bank Nizwa has taken the lead in promoting the social development of local communities through its leading volunteering platform ‘Masoliyati’. The Bank has always been an active supporter of local communities especially in educational initiatives. It forged a number of collaborations and partnerships with charities registered with the Ministry of Social Development such as the Oman Association for the Disabled and Omani Association for the Hearing Impaired, to name a few. Other collaborations include the bank’s partnership with the Ministry of Education to organize Qur’an recitation competitions. The partnership with Imam Jabir Bin Zaid Waqf Foundation is a testament to the Bank’s continuous dedication to these efforts.