Islamic finance workshop highlights opportunities for entrepreneurs, SMEs

Bank Nizwa

As part of their Islamic finance knowledge programme, Bank Nizwa, Takaful Oman Insurance and Al Kawthar fund organised their latest workshop in Sohar to highlight the promising and sustainable business opportunities available to entrepreneurs and Small and Medium sized Enterprises (SMEs) in the sphere of the Islamic finance sector.

Focusing on development opportunities provided by Sharia-compliant banking, investments and insurance, the programme’s third stop was held under the patronage of Sheikh Muhanna bin Saif Al Lamki, Governor of North Al Batinah.

Featuring an in-depth presentation by Mustafa Al Naabi, Sharia Training Assistant Manager at Bank Nizwa, the workshop provided attendees with an overview of the concepts that shape Islamic finance, as well as their practical and theoretical applications.

It also included a panel discussion featuring Mr. Khalid Al Kayed, CEO of Bank Nizwa, Dr Shaban Mohamed Islam, Secretary and Member of Takaful Oman’s Shari’a Supervisory Board, and Ahmed Kashoob, Head of Investment at TANMIA. The three experts shared key insights into the transparency and inclusive growth opportunities provided by the sector.

“Our sector offers substantial scope for investments in infrastructure, economic diversification opportunities, job creation in multiple sectors. Inclusion of entrepreneurs and SMEs in the ongoing progressive economic development efforts in Oman will only bring the Sultanate closer to realizing the objectives of Vision 2020,” he added.

“As the demand for Islamic finance gains momentum in Oman, our role is further consolidated, as we provide a safety blanket of co-operation and risk-sharing for individuals and organizations opting for mutually beneficial agreements. We work as partners with our stakeholders, to effectively provide them with Takaful products tailored to suit their specific needs and meet their expectations,” Dr. Shaban Mohamed Islam, Secretary and Member of Takaful Oman’s Shari’a supervisory Board, said.

“In order to ensure Islamic finance’s continued growth, we work diligently towards maximizing the value for all our stakeholders in delivering a broad range of socioeconomic opportunities. It is our responsibility to stress the transformative role of the industry in propelling the economic diversification strategy outlined by the Government,” Ahmed Kashoob, Head of Investment at Oman National Investments Development Company (TANMIA), the managing company of Al Kawthar Fund, said.

Bank Nizwa, Takaful Oman, and TANMIA have become the go-to-reference for Islamic finance, participating and organizing several initiatives to raise awareness on the industry across Oman. Their mutual efforts to educate communities and stakeholders on the benefits across the length and breadth of the industry have been maximised through its Islamic Finance Knowledge roadshow. Over the next coming months, the program will head to South A’Sharqiyah, A’Dakhliyiah, A’ Dhahirah, Al Buraymi, North A’Sharqiyah, and Dhofar.

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