Emphasizing the role of endowments as a pillar of sustainable development, Bank Nizwa the leading and most-trusted Islamic bank in the Sultanate of Oman, organized Sairafah program on endowments titled ‘Sharia Standard on Endowments issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)’. The program was held in cooperation with Ministry of Endowments and Religious Affairs, and the Center for Continuing Education and Community Service at the College of Sharia Sciences. Presenting the session, Dr. Muhammad Sweileh, Senior Manager - Sharia Audit for Corporates at Bank Nizwa, highlighted the Sharia principles for endowments, endowments’ types and investment in endowments. The event witnessed active participation from a number of endowment institutions across the country.

Commenting on this initiative, Mr. Khaled Al Kayed, Chief Executive Officer at Bank Nizwa, said, “As the leading Islamic bank, the concept of Waqf is deeply ingrained in our values and we seek to contribute to strengthening the Waqf sector. Our Waqf workshop is a testament to our commitment to enhancing the role of these entities, providing them with diverse expertise in Sharia-compliant investment solutions, risk management, and other important areas. This approach not only enhances their operational effectiveness and strategic impact but also promotes greater transparency. Furthermore, we emphasise the importance of community engagement, fostering a culture of collaboration and inclusivity. By equipping these entities with the necessary knowledge and tools they need, we help them to optimise their resources and achieve their goals.”

He added, “We believe that the principles of Waqf institutions can be a powerful catalyst for social development and economic empowerment. By harnessing the potential of Waqf, we aspire to drive sustainable progress and create a lasting impact on society.”

It is worth noting that earlier this year, Bank Nizwa launched the Sairafah program in collaboration with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). This program targets professionals in the Islamic finance sector through a series of training sessions on AAOIFI Sharia standards. Participants receive certificates accredited by Bank Nizwa and AAOIFI, further enhancing their achievements. The program is meticulously designed to meet the needs of various segments of professionals, including students specializing in Islamic banking, bank employees, and staff working in financial institutions.

Renowned for its forward-looking approach, Bank Nizwa has consistently extended its expertise in Islamic finance to support Waqf entities, helping them build capacity and develop innovative solutions to maximise the impact of endowment funds. Beyond advancing Islamic finance in the country, the bank is dedicated to empowering the local community and contributing to the holistic socio-economic development of the nation.