Central Bank Of Oman Provides Staff With Islamic Finance Training

As part of major preparations for the launch of Islamic financial services in the Sultanate of Oman, the Central Bank of Oman has delivered an inaugural, dedicated Islamic finance training program for its officers. The Bank selected IFAAS (Islamic Finance Advisory & Assurance Services) the international Islamic finance consultancy as its training supplier to design and to deliver the course, entitled ‘The Islamic Banking Foundation Program’.

IFAAS devised ‘The Islamic Banking Foundation Program’ as a bespoke package to meet the specific requirements of the Central Bank. The program was delivered to an initial group of the Bank officers and will be rolled out to additional groups in the coming months.

IFAAS delivered the program as an intensive, and interactive, two week course which was concluded with a formal ceremony where delegates were awarded their certificates. His Excellency Hamood bin Sangour Al Zadjali, Executive President of the Central Bank of Oman, attended the ceremony together with a delegation of senior officials from the Central Bank of Oman and Farrukh Raza, managing director, IFAAS.

A speech was delivered by Mr Raza, highlighting the main points of focus of the training course devised for the Central Bank of Oman. He also presented the key findings of a recent report published by IFAAS report entitled ‘Islamic Finance in Oman – Sizing the retail market’. The report was the result of groundbreaking, independent, market research conducted by IFAAS. It analyses the potential market for retail Islamic finance in the Sultanate and the challenges that lay ahead to realize this potential.

As a result of attending the inaugural course, delegates now have a comprehensive understanding of the fundamentals of Islamic financial principles; Islamic products and their underlying contracts, technical characteristics and applications; Islamic banking operations and the preparation and implementation of processes and procedures. These will provide delegates with the necessary skills and knowledge needed to support the industry as it grows.

Farrukh Raza, managing director, IFAAS, also commented, “IFAAS enjoys a strong reputation for delivering effective training programs specialized in the area of Islamic finance. We are delighted to be supporting the Central Bank of Oman as it works towards developing the financial sector with the introduction of Islamic finance.”

IFAAS was selected by the Bank, following a rigorous selection program, due to its long-standing experience in delivering dedicated Islamic finance training programs. It has supported a range of Islamic banks, Takaful providers, national central banks and national regulators with its courses. Past clients include the Government of Senegal, Byblos Bank Lebanon and Her Majesty’s Revenue and Customs (HMRC) UK. All have received tailored training programs that are designed to tangibly improve the skill set and knowledge base of delegates. IFAAS’s training expertise forms part of its Islamic finance advisory services offering which has placed the company at the forefront of the international specialized experts in developing the Islamic finance industry. Its founding members were instrumental in establishing a number of pioneering Sharia-compliant brands and launching innovative products across different sectors of the Islamic financial industry.

Over the last few years IFAAS has developed into the first point of call for professional advisory on Islamic financial projects in Europe, Africa, the Americas and the Middle East.

Press Release