Oman’s Bank Nizwa and IFSB Partner to Support Growth in Islamic Finance | Salaam Gateway


Posted on November 15, 2021 via Muscat Daily – In line with its mission to raise awareness and stimulate community interest in Islamic banking practices, Bank Nizwa recently signed a Memorandum of Understanding with the Islamic Financial Service Board (IFSB) at the 15th IFSB Summit which was held in Jeddah, Saudi Arabia. .

The agreement was signed between Cheikh Saif Hilal Nasser al Mawali, member of the board of directors of Bank Nizwa and Dr Bello Lawal Danbatta, secretary general of the IFSB.

Signing the MoU, Mawali said, “We are delighted to be an IFSB member bank and look forward to working closely with the IFSB to achieve further milestones through thoughtful collaborations, well planned and prudent that serve our mutual benefits and goals. The growing popularity of Islamic finance in the region has led to an increase in demand for innovative Sharia-compliant products and services that meet the varied needs of the industry.

To strengthen their relationship and collaborate to strengthen institutional synergy for the overall development of Islamic finance in Oman and the region, Bank Nizwa and IFSB will jointly undertake several initiatives to achieve their goals.

Dr Bello Lawal said: “At IFSB, we are delighted to partner with Bank Nizwa to strengthen capacity building, awareness and development of Islamic finance in Oman and the region. We are very convinced that improving this synergy between two prestigious entities will prove fruitful in achieving common objectives.

Since its inception, Bank Nizwa has demonstrated an unwavering commitment to raising awareness of Islamic finance while continuing to spearhead changes in the sector.

Bank Nizwa is an observer member of the Islamic Financial Services Board. This collaboration is part of Bank Nizwa’s strategic efforts to strengthen its relationships with major global institutions in the sector, such as the Accounting and Auditing Organization of Islamic Financial Institutions and the General Council of Banks and Financial Institutions. Islamic.

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