Wednesday 30 / April / 2025
Muscat: Bank Nizwa participated in the College of Banking and Financial Studies (CBFS) Forum, an industry event held in collaboration with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOFI), a Bahrain-based organisation that promotes Sharia standards for Islamic financial institutions, participants and the overall industry. The forum saw the participation of Bank Nizwa CEO Khalid Al Kayed in a panel discussion to discuss the impact of technology and innovation in the Islamic economy.
Hosted by CBFS under the theme of "Islamic Finance and Sharia Governance in the age of Financial Disruption", the forum was held under the auspices of Tahir bin Salim Al Amri, the Executive President of Central Bank of Oman (CBO). The event also saw the participation of Sheikh Dr Kahlan bin Nabhan Al Kharusi, Assistant Grand Mufti of Oman, and Sheikh Mohammad Taqi Usmani, Mufti and Chairman of AAOIFI Sharia Board, alongside other regional and locally leading Islamic finance academics and practitioners.
Al Kayed said, “The topics discussed at today’s forum were all forward-thinking ones that encourage all stakeholders to think and plan not just 10 years ahead, but rather, 25 years down the line to be able to cope with change and achieve optimal results on all fronts. One of the key topics was technological advancements and how they are shaping consumer behaviours in the marketplace."
"In order for Islamic financial institutions to restore growth and profitability in today’s challenging market of lower returns, they need to leverage on opportunities generated by innovative technologies. Another key topic discussed today is having regulators and practitioners align their efforts in rolling-out competitive-edge products and services,” he added.
“The final important point discussed is the significance of supporting SMEs and creating a culture of entrepreneurship supported by the tools and offerings provided by Islamic finance. Oman is a country that enables and supports entrepreneurs to thrive, and our sector must play a bigger role in contributing to the Sultanate’s economic diversification strategy,” Al Kayed said.
Bank Nizwa’s participation in the forum came as part of its ongoing strategy to continue raising awareness over Islamic banking across the Sultanate. The bank has been collaborating with CBFS, supporting its programme in Islamic banking through workshops for first-year students, introducing them to the industry, its impact on the economy, and most importantly, highlighting available career opportunities.
