02 December 2012
Following a detailed and extensive selection process,  Bank Dhofar which is based in Sultanate of Oman selected IFS from among other service providers as the Consultancy and Product Implementation partner for Shariah Compliant Products for both Corporate and Individual customers of the Bank. With regards to the latest developments taking place in Oman on Islamic Finance, Bank Dhofar was seeking for a trusted partner with the knowledge and expertise to enable it offers the best Shariah compliant products to its customers.

Based on the agreement which has been recently signed, I.F.S shall provide sharia complaint products to Bank Dhofar. The project shall be launched in two phases, the first one shall include products for individuals and the second phase includes products for corporates and individuals.   

The agreement was signed at Bank Dhofar by Rehab Lootah, Group Chief Corporate Governance & Business Development, IFS Managing Director and Tony Mahoney, Chief Executive Officer, Bank Dhofar.

Commenting on the partnership Rehab Lootah said "Based on the agreement IFS shall provide Bank Dhofar with products such as home finance, auto finance, saving, current and investment accounts as well as the other services related to the sharia compliant contracts, the role of IFS shall not be limited to providing the products, but shall include the mechanism of developing the product structure, and how to design contracts and forms that match the sharia requirements and comply with the prevailing rules and regulations of the Central Bank of Oman. Additionally, IFS shall   training for the bank staff on the advanced systems of the sales and marketing".

Lootah added "the Islamic finance sector which witness fast growth especially after the financial crisis in 2008, during which the Islamic banks proved their stability and ability to overcome the crisis compared to the traditional banking sector".

It worth mentioning that IFS started extending its services at the very beginning of changing Islamic financial landscape in the Sultanate and to date have successfully delivered trainings on Islamic Finance and other related services to leading Banks in Oman.

About IFS:
IFS is a fast growing one-stop-shop service provider for all Islamic Banking and Takaful outsourced services. We provide distinct operational services, business and technical consultation in the region through a combination of robust delivery process, people and technology.

IFS gaining recognition and prominence in the domain regionally and being fully committed to provide unmatched business value to all our customers. 

© Press Release 2012