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Islamic finance 'key to Oman's growth'

Muscat, April 22, 2013

Thanks to the increasing appetite for Shari'ah-compliant financing, the Islamic banking sector is poised for solid growth in the region and is also key to economic growth in Oman, said Dr Jamil El Jaroudi, the CEO of Bank Nizwa, Oman’s first Islamic lender.

Dr El Jaroudi was a keynote speaker at a recent economic forum in Muscat held under the theme 'Islamic banking, great hopes for Investments.'

Addressing the gathering, the Islamic finance expert said, "There is huge potential for significant growth in Islamic finance here in Oman, and we are confident that we can expand our horizons and our activities to create a very successful environment."

"We have established Bank Nizwa as a centre of excellence for Islamic banking where we provide a just and equitable model for economic growth through a range of banking tools.This is particularly true of our Islamic principles which leverage the economy to new heights through the financing of public sector projects," he added.

The forum gave participants the opportunity to gain first-hand information on the importance of the industry to the financial landscape of Oman. It included in-depth insights into the Islamic banking tools available to realize growth in the economy.

Dr El Jaroudi’s address was dedicated to pressing issues of the current stage of Islamic finance development in the Sultanate and delved into new approaches to understanding the future for the industry.

The guest of honour at the event, facilitated by Al Roya newspaper was Darwish Bin Ismail Al Balushi, Minister Responsible for Financial Affairs. Dr Ashraf Al Nabhani, the GM (Corporate Support), Bank Nizwa, also participated in the panel discussion about ‘Capital Market- Expected performance.’-TradeArabia News Service




Tags: Oman | Islamic Finance | growth |

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