CEO Today Middle East Awards

CEO TODAY MIDDLE EAST AWARDS 2020 Banking 20 more promise and growth potential and we remain optimistic for the continued growth of the banking sector in Oman and Islamic Finance in general. How has the banking sector in Oman developed in recent years? Globally, the Islamic Finance industry is set to grow at a rate of around 5% in 2020, due to challenging economic conditions, especially in the industry’s core markets, according to S&P Global’s ‘Islamic Finance Outlook 2020’. With that said, the Sultanate’s Islamic banking sector has witnessed rapid growth to become the world’s 15th largest in 2019, according to the Central Bank of Oman (CBO). Given the challenging market conditions, mergers and consolidation are seeing momentum in order for some institutions to continue in 2020. This is an approach to ensure competitiveness. With that said, Bank Nizwa, since inception, has been standing tall as a fully- fledged Islamic bank, operating independently, gaining the trust of its growing customer base, achieving strong results and continuing to grow on all fronts. Why is Islamic banking growing faster than conventional banking in Oman? Islamic Finance is one of the fastest- growing segments of international financial markets and has shown strong growth rates in Oman as well. Since the inception of the industry in the Sultanate, increasing efforts have been undertaken to structure Shari’a-compliant financial products, to develop and institutionalise this growing sector, with the main goal of presenting a viable and competitive alternative to conventional banking. I believe that the industry has been successful in reaching out to communities across the Sultanate. This success is contingent on having a clear framework of Shari’a framework and audit for all Islamic Financial Institutions individually and then, of course, having a bigger umbrella of guidelines under the Islamic Financial Services Board (IFSB). All stakeholders must ensure compliance to create a culture that fosters the growth of the industry, which will make it mainstream in the next few years to come. Oman’s uniquely balanced approach to Shari’a-compliant banking is overseen by the Sultanate’s governing National Shari’a Board, which created a climate for all banking institutions including Bank Nizwa to thrive by adopting one set of regulations for the country’s entire Islamic banking sector. As banks in other nations established their own rules for Shari’a-compliant solutions, Bank Nizwa succeeded through strong governance and the adoption of the Board’s Oman-wide regulatory system. What role does Bank Nizwa play in this? At Bank Nizwa, we will continue to leverage our growing presence in communities across the Sultanate to raise awareness about the benefits for consumers whether retail or corporate within Islamic Finance. These efforts are directly correlated to growing the Islamic Finance sector in Oman. We pride ourselves for being the Islamic bank of choice, our target is to be the bank for all. Committed to further grow Islamic Finance in the Sultanate, Bank Nizwa launched its very own ‘Islamic Finance Knowledge Series’, a nationwide campaign that continues to empower local communities across Oman with knowledge on Islamic Finance. Today, the roadshow has visited various colleges and universities. The bank has also utilized the campaign to reach out to Bank Nizwa Main Building