Bank Nizwa and AAOIFI sign MoU for Islamic finance development in Oman

September 23, 2021

Muscat: Bank Nizwa signed a comprehensive MoU with the top Islamic Finance Standard Setting Body, AAOIFI, Bahrain, in a virtual signing ceremony recently, Bank Nizwa, Head Office, Muscat, Oman.

This makes Bank Nizwa the only bank in the Sultanate and internationally to carry such a wide-ranging relationship with AAOIFI. The association, covering mutual benefits, is set for joint development of Islamic Banking and Finance in the Sultanate and beyond. Among the key features include:

Bank Nizwa becoming AAOIFI’s official candidate registration and exam centre for AAOIFI’s Sharia (CSAA) and Accounting (CIPA) certifications. Omanis who plan to register and sit for the said prestigious programs can now come to Bank Nizwa, head office to fulfil the same.

Exclusive staff discounts for Bank Nizwa on all AAOIFI lead initiatives and special subsidies/scholarships of over 70 per cent the fee for AAOIFI, CIPA and CSAA programmes, with complementary training and mentoring for staff. The customised staff development facility for Bank Nizwa. Bank’s select staff to be annually deputed for a short period in AAOIFI as visiting fellows. Internship for select CIPA and CSAA qualified Omanis in Bank Nizwa. Joint R&D support and assistance in other technical, Sharia, Branding, Fintech, Product Development, and other similar solutions that relate to the mutual development of Islamic banking and finance and much more.

It is noteworthy that Oman follows AAOIFI standards and fully adopts AAOIFI accounting standards while being in line with AAOIFI Sharia standards.

Khaled Al Kayed, the CEO of Bank Nizwa on the signing ceremony of the milestone agreement stated, “We at bank Nizwa feel proud and pledge our full support to AAOIFI. We shall aim to give our best to fully materialise the potential of this grand and pioneering association, assuring AAOIFI of brotherly partnership for meeting set objectives of Islamic Finance in Oman. AAOIFI carries the backbone status for the industry and to have partnered with them comprehensively, speaks volumes of the commitment of Bank Nizwa in ‘contributing through synergy’ for achieving national aims and vision 2040. This association is set to provide a much refined, well entranced and active modern Islamic financial sector in Oman via Bank Nizwa. No doubt this partnership with AAOIFI will facilitate in a big way to meet desired ends.”

Omar Mustafa Ansari, the Secretary-General of AAOIFI, on the occasion expressed his utmost gratitude for Bank Nizwa and its leadership, congratulating the bank on the role and performance for Islamic Banking and Finance in Oman.

“Bank Nizwa is fast becoming Oman’s brand of Islamic Finance and even the region is becoming familiar with the success story and brand of Bank Nizwa. AAOIFI feels proud to partner with such a prestigious entity that epitomises the rapid success of Islamic finance in Oman. No doubt the future looks bright with Bank Nizwa setting its standards high, both in numbers and otherwise. We are elated to provide our full support to such a progressive bank while being certain that we are partnering with an entity that is going to further strengthen its leadership in Islamic finance. The first of its kind comprehensive association spells a new chapter of bonding between the two organisations and we look forward to working together with Bank Nizwa in every way for its own and industry’s development.”

The virtual ceremony was witnessed by Bank Nizwa’s core management members and key representatives from AAOIFI, Bahrain, alongside the leadership of both entities.


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