As part of its ongoing commitment to enhance the growth of the Islamic banking sector, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, recently participated in the 9th IFN Oman Forum 2024. Emphasizing the vital role of dialogue in the sector’s development, the bank reinforced its position as a thought leader by actively contributing to discussions on industry trends, imparting its deep expertise, and exploring innovative opportunities for collaboration at the event.

The IFN Oman Forum 2024, hosted by Islamic Finance News magazine (IFN) in partnership with Financial Services Authority, underscored the growth of the Sultanate’s Islamic finance sector, featuring a series of high-level dialogues and panel discussions with industry experts from various domains. Bank Nizwa’s executive management played a key role in these discussions, offering insights into the evolving landscape of Islamic financial services, the success of the Takaful segment in Oman, and the increasing significance of sustainable financial practices.

Commenting on the occasion, Mr. Khaled Al Kayed, Chief Executive Officer at Bank Nizwa, said, “The Sultanate has witnessed remarkable growth in the Islamic finance sector and anticipates an even more promising future. With advanced fintech capabilities, a strong emphasis on sustainable growth, and the successful deployment of innovative Sharia-compliant investment solutions, Bank Nizwa, as the nation’s leading Islamic bank, has been instrumental in contributing to the development of a robust Islamic finance ecosystem.”

He added, “Given the country’s positive growth trajectory, maintaining this momentum is essential. Our active participation in thought leadership forums is integral to our strategy of fostering innovation and excellence in the sector, which is aided by us remaining at the forefront of these discussions.”

Reaffirming its leadership in the Islamic banking sector in the Sultanate, Bank Nizwa was honoured with the ‘Best Islamic Bank in Oman 2024’ award. The award was received on behalf of the bank by Mrs. Haifa Al Lawati, Chief Human Resource Officer – Assistant General Manager, and Mr. Salman Kabani, Head of Enterprise Risk Management and Strategy at Bank Nizwa. The bank was selected based on a survey conducted by the magazine which reflects the bank’s financial performance and its outstanding contributions to advancing the Islamic finance sector and taking it towards new horizons of growth and development.

In the panel discussion titled ‘A New Vision: The Changing Role of Islamic Financial Services in Oman,’ Mr. Khaled Al Kayed participated in the session by presenting examples of effective Islamic financial services, evaluated the performance of Omani banks, highlighted the impact of new banking licenses, and discussed the sector’s contribution to supporting national development.

Meanwhile, Mr. Salman Kabani, Senior Head of Enterprise Risk Management and Strategy at Bank Nizwa, contributed to the discussion ‘Riding the Wave: The Success of Islamic Banking and Takaful in Oman,’ focusing on the growth of Islamic banking and Takaful, the influence of technologies such as AI, and other challenges like liquidity risk management. Furthermore, Mr. Mohamed Sajari, Head of Sharia Structuring at Bank Nizwa, delved into the subject ‘Protecting Our Future: Sustainable Finance in Oman’, exploring how Islamic banking fosters sustainability through the adoption of ESG frameworks, highlighting the potential of green Sukuk in financing clean energy and infrastructure projects.

Bank Nizwa’s long-standing partnership with IFN attests to its commitment to spearheading transformative change and driving innovation within the Islamic finance sector. This collaboration not only highlights the bank’s strategic focus on elevating industry standards but also reaffirms its dedication to fostering progress and sustainability both within the sector and the broader financial landscape.