In a move aimed at strengthening cooperation and knowledge exchange, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, has signed a Memorandum of Understanding (MoU) with Al-Istiqama International Islamic Charitable Society to establish a strategic partnership focused on developing the endowments and charitable sector in the Sultanate. Through this initiative, the bank’s Islamic banking expertise will be leveraged to support the Waqf sector, benefiting from Bank Nizwa’s banking services and experience to advance the association’s strategic and operational goals.
Under the framework of the Memorandum of Understanding, Bank Nizwa will provide logistical and technical support to Al-Istiqama International Islamic Charitable Society, thereby strengthening its ability to achieve its objectives. This includes attracting and diversifying investments, supporting the launch and management of the association’s welfare projects—including investment activities—, as well as developing Sharia-compliant financial models that align with regulatory mandates. By harnessing its extensive network and digital platforms, Bank Nizwa will also promote the Al-Istiqama International Islamic Charitable Society’s services, significantly enhancing stakeholder engagement and market visibility.
The collaboration also extends to human and institutional capacity building, with Bank Nizwa delivering targeted training programs to enhance the technical and professional competencies of the Al-Istiqama International Islamic Charitable Society’s workforce. This purposeful upskilling initiative is designed to equip employees with advanced skills required to address complex challenges in the fields of Islamic banking and endowment sectors, thereby ensuring overall efficiency and strengthening strategic planning capabilities.
Commenting on this partnership, Mr. Khaled al Kayed, Chief Executive Officer at Bank Nizwa, stated, "This initiative reflects our commitment to adopting innovative approaches that not only enhance the quality of our banking services but also enrich the broader social fabric of the Sultanate. We are confident that the synergies forged through this partnership will open up multiples avenues for growth, innovation, and community empowerment, ultimately shaping a resilient and future-ready financial ecosystem that addresses both immediate needs and long-term strategic imperatives."
He added, “As the financial sector continues to evolve, collaborations such as these will serve as a cornerstone for integrating sustainable financial practices with community development, ensuring that Islamic finance remains a key driver of socio-economic progress and sustainable prosperity.”
This partnership fosters an environment where best practices in Islamic financial management are consistently shared and enhanced, driving innovation, reinforcing operational excellence, and ensuring the seamless transfer of knowledge. Through such initiatives, Bank Nizwa sets new benchmarks in endowment management and sustainable financial practices, ultimately benefiting stakeholders and contributing to the overall strengthening of the Omani economy.