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Muscat: Sohar Islamic – Sohar International’s Islamic banking window sponsored and participated in the IFN Oman Forum 2019 held on 12th March 2019 at the Grand Millennium Hotel Muscat. The 4th edition of the IFN Forum Oman 2019 was inaugurated with keynote addresses delivered by H.E. Abdullah Salim Al Salmi, Executive President of the Central Market Authority and H.E Tahir Salim Al Amri, Executive President, Central Bank of Oman, followed by interactive panel discussions involving various stakeholders representing the Sultanate’s Islamic financial institutions.
Commenting on the participation, Mr Salim Khamis Al Maskari - DGM and Head of Sohar Islamic said, “The Islamic finance sector is persistently innovating and has fast become a key contributor to the national and global economy. Our partnership with IFN Oman 2019 is in line with our commitment to identify further growth prospects within the industry while aligning local regulations to international market trends. IFN has presented us with an opportunity to engage with local and international sector leaders to exchange best practice ideologies and encourage knowledge sharing. We are extremely pleased to be a part of this dynamic concept, and look forward to continue playing a strategic role in furthering Islamic finance within the country”.
Now in its fourth year, the highly acclaimed IFN Forum Oman, discussed the benefits and concerns involved with Shari’a compliant financing and the dynamics of the current investment market. Noteworthy topics deliberated at length included the ‘Opportunities for Oman’ under the growth of Islamic Banking, Capital Markets and Takaful with detailed presentations on consolidation and assessment of the efficacy of various operational models for Islamic banks. The Forum also examined crucial issues such as liquidity management as part of the Sultanate’s Islamic Banking Regulatory Framework.
Expert panels also deliberated on the development of Real Estate Investment Trust (REIT) market in Oman assessing the role of Islamic banking within regulation, asset quality and diversification. Other concerns included the advancement of technology, in particular towards block chain and its impact on Islamic financial institutions within the region. Sohar Islamic’s Head of Islamic Banking Finance, Mr Muhammad Kashif Zafar, engaged in a discussion about digital banking and financial technologies in Oman and the GCC, bringing to the table insights from Sohar Islamic’s experience in using latest Islamic Banking technologies.
Participating in this forum draws on Sohar Islamic’s rich legacy of active community relations. Through various sponsorships and engagements, Sohar Islamic has continued to play a pivotal role in raising awareness on the merits of Islamic banking among the local communities as well as boosting the Shari’a-compliant banking sector in the Sultanate.
Since its inception in 2013, Sohar Islamic has provided customers with a range of innovative products and services while adhering to the highest level of Shari’a-compliance through certain key criteria, notably a complete segregation of funds, stand-alone branches, specialized workforce, a robust Shari’a supervisory board and compliance unit, coupled with one of the best Islamic banking software in use worldwide, and a strict obedience to the standards set by the Accounting and Auditing Organisation for Islamic Financial Institutions.
For more information about Sohar Islamic products, kindly visit any of the branches strategically located around the Sultanate: Muscat (Al Khoudh, Mabella and Al Ghubra), Sohar (Al Waqaibah), Nizwa (Firq), Barka, and Salalah (Saada), or call 24730000, or visit www.soharislamic.net
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