BankMuscat will create awareness on Islamic banking

MUSCAT: BankMuscat, the leading financial services provider in the Sultanate, is hosting a seminar on Islamic banking tomorrow at Grand Hyatt Muscat.

Sheikh Ibrahim Al Sawafi and Sheikh Azan Al Amri, researchers at Ifta’a office, Ministry of Awqaf and Religious Affairs, will address the seminar aimed at raising awareness on customer benefits derived from Islamic banking.

Sulaiman Al Harthy, group DGM (Consumer Banking), said: “BankMuscat strategy is to attract customers through innovative products and services. As always, BankMuscat takes the lead in offering value added services. The bank strives to increase the range of benefits for customers and we are confident that the Islamic banking seminar will shed light on important aspects of Islamic banking from the Sharia perspective.”

As a follow-up measure, the bank will organise a series of presentations on Islamic banking across the Sultanate, highlighting the difference between Islamic banking and conventional banking.

The presentations will familiarise people with the main characteristics of Islamic finance. Experts and scholars will make the presentations and educate the public on the features and benefits of Islamic banking.

Financial expertise

“As the nation’s leading financial services provider, BankMuscat is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. BankMuscat is proud to have been associated with all major national initiatives and developments in line with the directives of His Majesty Sultan Qaboos.

The bank has in place a comprehensive strategy to effectively r-espond to the directive of His Majesty Sultan Qaboos on Islamic banking and thereby cater to the financial needs of people in accordance with the guidelines and regulatory framework to be prescribed by the Central Bank of Oman (CBO),” Al Harthy added.

The CBO has initiated steps to incorporate Islamic banking legislation into the banking law and thereby create a legal framework for Islamic banks and Islamic banking branches in line with the best international practices.

Al Harthy said: “Since Islam is the religion of the Sultanate of Oman as stated in the Basic Law, Oman is ideally placed to play a leading role in Islamic finance. Omani commercial codes are completely supportive to Islamic banking structure without any conflict. The commercial code has a very strong Sharia foundation in the form of Article 2, 4 and 5 of Royal Decree 55/1990.”

In the run-up to introduction of Islamic banking, BankMuscat recently organised a series of customised Islamic banking courses for staff. The courses were conducted by experts with considerable international experience in Islamic finance best practices.

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