Bank Nizwa partners with Maisarah Islamic Banking Services

Bank Nizwa , Oman’s first Islamic bank, continues to facilitate the development of the domestic Islamic Interbank through the execution of Wakala Agreements. ‘Maisarah’ Islamic Banking Services, the Islamic window for BankDhofar is the latest of the domestic Islamic banking entities to enter into a Wakala Agreement with Bank Nizwa . Both banks will be working together with other domestic Islamic Banking entities to develop Oman into one of the frontrunners in the international Islamic banking market.

The Wakala Agreement signed by the two banks is Shari’a compliant and follows the widely accepted AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions) standards. The use of an AAOIFI compliant Wakala Agreement enables Omani banks to engage with ease, international Islamic banks for their interbank liquidity management.

Both banks are committed to the development of the local Islamic interbank market through mutual co-operation and are encouraging other Islamic banks to sign similar agreements and to eventually develop a seamless Islamic banking infrastructure across the Sultanate.

Speaking at the signing ceremony, Dr Jamil Jaroudi, CEO of Bank Nizwa said, “We at Bank Nizwa are committed to fostering the growth of a Shari’a compliant Islamic banking industry and to ensure it reaches standards of excellence both in the Omani market and internationally. We have targeted the Islamic banks and Islamic windows which we feel best share our vision and BankDhofar is indeed one of those. “

Sohail Niazi, Chief Islamic Banking Officer, ‘Maisarah’ Islamic Banking Services, said, “The Wakala agreement is a major step in creating the best context possible for a successful Islamic banking industry in Oman”. Tony Mahoney, CEO of BankDhofar added, “BankDhofar and Maisarah are committed to work with their friends at Bank Nizwa as well as to the development of the industry here in Oman and puts us on a stronger stage internationally. It is yet another step forward in making Islamic finance a more accessible and widely used method of finance.”

Bank Nizwa is constantly working to forge partnerships with like-minded organisations to ensure that Islamic banking best practices are employed across the Sultanate. In addition, the bank is attempting to provide both innovative and customised services to ensure that the needs of its customers and stakeholders are met in every banking transaction.

Oman Daily Observer