Bank Nizwa proudly signs a comprehensive MoU with the top Islamic Finance Standard Setting Body, AAOIFI, Bahrain, in a virtual signing ceremony, here on Monday, 13th Sept 2021, Bank Nizwa, Head Office, Muscat, Oman. This makes Bank Nizwa the only bank in the Sultanate and internationally to carry such a wide-ranging relationship with AAOIFI. The association, covering mutual benefits, is set for joint development of Islamic Banking and Finance in the Sultanate and beyond. Among the key features include:

Bank Nizwa, Oman, becoming AAOIFI’s official candidate registration and exam center for AAOIFI’s Shariah (CSAA) and Accounting (CIPA) certifications. Omanis who plan to register and sit for the said prestigious programs can now come to Bank Nizwa, Head office to fulfill the same. Exclusive staff discounts for Bank Nizwa on all AAOIFI lead initiatives and special subsidies/scholarships of over 70% the fee for AAOIFI, CIPA and CSAA programs, with complimentary training and mentoring for staff. The customized staff development facility for Bank Nizwa. Bank’s select staff to be annually deputed for a short period in AAOIFI as visiting fellows. Internship for select CIPA and CSAA qualified Omanis in Bank Nizwa.  Joint R&D support and assistance in other technical, Shariah, Branding, Fintech, Product Development, and other similar solutions that relates to mutual development of Islamic banking and Finance and much more.

It is noteworthy that Oman follows AAOIFI standards and fully adopts AAOIFI accounting standards while being in line with AAOIFI Shariah standards.

Khaled Al Kayed, the CEO Bank Nizwa on the signing ceremony of the milestone agreement stated that “We at bank Nizwa feel proud and pledge our full support to AAOIFI. We shall aim to give our best to fully materialize the potential of this grand and pioneering association, assuring AAOIFI of brotherly partnership for meeting set objectives of Islamic Finance in Oman. AAOIFI carries the backbone status for the industry and to have partnered with them in a comprehensive way, speaks volumes of the commitment of Bank Nizwa in ‘contributing through synergy’ for achieving national aims and vision 2040. This association is set to provide a much refined, well entranced and an active modern Islamic financial sector in Oman via Bank Nizwa. No doubt this partnership with AAOIFI will facilitate in a big way to meet desired ends”. May Allah bless this association and guide us to reap maximum benefits for both entities and industry.

Omar Mustafa Ansari the Secretary General of AAOIFI, on the occasion expressed its utmost gratitude for Bank Nizwa and its leadership, congratulating the Bank on the role and performance for Islamic Banking and Finance in Oman. “Bank Nizwa is fast becoming Oman’s brand of Islamic Finance and even the region is becoming familiar with the success story and brand of Bank Nizwa. AAOIFI feels proud to partner with such a prestigious entity that epitomizes the rapid success of Islamic finance in Oman. No doubt the future looks bright with Bank Nizwa setting its standards high, both in numbers and otherwise. We are elated to provide our full support to such a progressive bank while being certain that we are partnering with an entity that is going to further strengthen its leadership in Islamic finance”. The first of its kind comprehensive association spells a new chapter of bonding between the two organizations and we look forward to working together with Bank Nizwa in every way for its own and industry’s development”.

The virtual ceremony was witnessed by Bank Nizwa’s core management members and key representatives from AAOIFI, Bahrain, alongside the leaderships of both entities.

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