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Bank Nizwa partners with 'Maisarah' Islamic Banking Services.

Bank Nizwa, Oman's first Islamic bank, continues to facilitate the development of the domestic Islamic interbank through the execution of Wakala agreements, a press release said. 'Maisarah' Islamic Banking Services, the Islamic window for BankDhofar, is the latest of the domestic Islamic banking entities to enter into a Wakala agreement with Bank Nizwa. Both banks will be working together with other domestic Islamic Banking entiA[degrees] ties to develop Oman into one of the frontrunners in the internaA[degrees] tional Islamic banking market.

The Wakala agreement signed by the two banks is Shariah comA[degrees] pliant and follows the widely accepted OIFI (Accounting and Auditing Organization for Islamic Financial Institutions) standards. The use of an OIFI compliant Wakala agreement enables Omani banks to engage with ease, international Islamic banks for their interbank liquidA[degrees] ity management. Both banks are committed to the development of the local Islamic interbank market through mutual coA[degrees]operA[degrees] ation and are encouraging other Islamic banks to sign similar agreements and to eventually develop a seamless Islamic banking infrastructure across the sultanate.

Speaking at the signing cereA[degrees] mony, Dr Jamil Jaroudi, CEO of Bank Nizwa, said, "We at Bank Nizwa are committed to fostering the growth of a Shariah compliA[degrees] ant Islamic banking industry and to ensure it reaches stanA[degrees] dards of excellence both in the Omani market and internationaA[degrees] lly. We have targeted the Islamic banks and Islamic windows which we feel best share our vision and BankDhofar is indeed one of those."

Sohail Niazi, chief Islamic banking officer, 'Maisarah' Islamic Banking Services, said, "The Wakala agreement is a major step in creating the best context possible for a succeA[degrees] ssful Islamic banking industry in Oman."

On his part, Tony Mahoney, CEO of BankDhofar, said, "BankDhofar and Maisarah are committed to work with their friends at Bank Nizwa as well as to the development of the indusA[degrees] try here in Oman. This puts us on a stronger stage internationally. It is yet another step forward in making Islamic finance a more accessible and widely used method of finance."

Apex Press and Publishing

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Publication:The Week (Muscat, Oman)
Geographic Code:7OMAN
Date:Aug 15, 2013
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