Bank Nizwa Partners with Several Endowment Institutions to Support Waqf Projects

Main Image

In line with its commitment to strengthen the Islamic financial sector in the Sultanate, Bank Nizwa, the leading Islamic bank in the Sultanate of Oman, has formalized several Memoranda of Understanding (MoU) with various endowment institutions in the Sultanate of Oman. These strategic partnerships aim to provide advanced Sharia-compliant banking expertise to bolster Waqf activities in the nation and foster the advancement of its capabilities. This aligns seamlessly with the objectives outlined in Oman Vision 2040. Leveraging their combined resources and expertise, the institutions aspire to exert a positive influence on the Islamic financial sector, the Omani economy, and society at large.

The first of these agreements was formalized with the Bousher Endowment Foundation, focusing on the development and utilization of endowments in the Bousher governorate. This initiative aims to generate sustainable benefits for the local community members within the Wilayat. The bank has also signed a MoU with the Hidaya Endowment Foundation, which operates under the Fatwa Office, and aims to spread the teachings of Islam and Omani culture. Furthermore, the bank has signed a MoU with the Intaj Endowment Foundation, an institution based on the concept of time endowment. It is dedicated to sponsoring mosques, operating and maintaining them by providing maintenance and operation on investment principles, and managing and investing in assets allocated to mosques according to the principles of Islamic Sharia in endowment, investment, and leasing. The bank also signed a MoU with AlWaqf AlKhayrii Foundation, a public endowment institution. As part of the partnership Bank Nizwa will provide banking expertise to enhance endowment activity in the Sultanate.

Commenting on the partnership, Mr. Khaled Al Kayed, Chief Executive, Bank Nizwa, said, “We are indeed delighted to join hands with these endowment institutions to enhance constructive cooperation that can positively impact communities across the Sultanate. These partnerships reinforce our pledge to social responsibility while simultaneously highlighting the pivotal role Islamic finance plays in driving economic growth and encouraging inclusive development. Through such initiatives that focus on providing targeted support to local communities, we aim to assist individuals and needy families, while also contributing to the long-term prosperity and stability of the economy.”

According to the terms of the agreements, Bank Nizwa will provide logistical and technical support to the endowment institutions. This support will encompass assistance in the planning, establishment, operation, and management of endowment and investment projects, as well as the disbursement of funds to beneficiaries. Additionally, Bank Nizwa will assume the role of a proactive advocate, leveraging its diverse channels to promote the financial services and initiatives of the foundation. Furthermore, the bank will provide training and awareness services related to endowments, governance, Compliance, Risk management, investment, endowment performance indicators, and all aspects contributing to elevating the level of endowments to the desired level.

To ensure successful implementation, the institutions will establish a collaborative task force to regularly monitor and evaluate the project, providing periodic updates on its advancement. This approach will enable all parties to promptly identify and address challenges, ensuring the success of the project

As part of its ongoing efforts to strengthen the Islamic sector in the Sultanate of Oman, Bank Nizwa continues its vital role in providing Sharia-compliant financial institutions. The bank is actively launching numerous initiatives aligned with its current strategic directives aimed at enhancing economic growth and developing an integrated Islamic financial system.

Chat with Us