Muscat: Reinforcing its pioneering role in developing the ecosystem supporting the Islamic economy, including the Waqf system and the pursuit of innovation in Islamic financial instruments, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, has signed a Memorandum of Understanding (MoU) with the Siraj Education Endowment Foundation. The partnership aims to establish a strong strategic link between Islamic banking and the Waqf sector, particularly endowments dedicated to supporting education. This step marks a significant milestone in institutional collaboration for the development and management of Waqf-based initiatives.

Under the terms of the MoU, Bank Nizwa will provide comprehensive logistical and technical support to the Siraj Education Endowment Foundation, contributing to the establishment, structuring, and operation of Waqf and investment projects in line with the Foundation’s strategic objectives. The partnership will also focus on strengthening fundraising mechanisms, enabling the Foundation to manage its resources more efficiently and sustainably. As part of this collaboration, Bank Nizwa will work closely with the Foundation to design and implement tailored financial models that meet its operational needs, while ensuring full compliance with Islamic Sharia principles and the applicable legal and regulatory frameworks.

Commenting on the signing of the agreement, Mr. Khalid Al Kayed, Chief Executive Officer of Bank Nizwa, said: “Waqf institutions represent one of the most important and influential pillars of Islamic finance principles, given their ability to create long-term value that goes beyond financial returns. At Bank Nizwa, we view our role as a strategic enabler, working hand in hand with institutions that make an effective contribution to national priorities and broader societal progress, through well-structured financial solutions that comply with Islamic Sharia. These partnerships allow us to combine expertise, institutional management, and innovation in ways that enhance institutional resilience, improve transparency, and deliver sustainable outcomes. Through close collaboration with institutions such as the Siraj Education Endowment Foundation, we help establish the foundation for socially responsible growth and lasting impact, ensuring resource sustainability and maximizing benefits for society.”

Capacity building constitutes a fundamental pillar of this partnership, with Bank Nizwa supporting the professional development of staff at the Siraj Education Endowment Foundation, enhancing the technical skills necessary for effective institutional operations. This focus on human capital reflects a shared commitment to developing flexible organizational structures and cultivating the competencies required to ensure sound and responsible management of Waqf.

The collaboration also includes the integration of the Siraj Education Endowment Foundation’s donation platforms with Bank Nizwa’s systems and accounts. This step enhances the efficiency, security, and transparency of financial flows, enabling more streamlined contribution mechanisms, stronger operational oversight, and greater confidence across the endowment ecosystem.

Bank Nizwa continues to reinforce its role as a catalyst in advancing a more structured and resilient Waqf ecosystem in the Sultanate. By leveraging its expertise in Islamic finance and institutional enablement, the bank aims to support education-focused endowment initiatives that achieve sustainable social impact, while contributing to broader long-term national development objectives in line with Oman Vision 2040.