Oman Islamic Economic Forum

Muscat, Dec 16 (ONA) – Sayyid Shihab bin Tariq al-Said, will sponsor tomorrow  (Saturday) at al Bustan Palace Hotel the Oman Islamic Economic Forum (OIEF) organized by Amjad Company and lasts for two days.

The OIEF seeks to highlight the steps needed by the Sultanate to develop its Islamic finance sector and Takaful, the elements related to social responsibility in the elements of the Islamic economy.

It also seeks to provide proposals to form a regulatory framework for the Islamic finance sector which in turn will contribute to boosting the growth of the economy in the Sultanate.

The forum will cover a number of themes on the models for regularizing the Islamic banking sector, selecting the best right Islamic banking model for the Sultanate, Islamic banking as practiced by the Islamic banks,

structuring of the Islamic banking products, Sharia issues in banks and Islamic financial, horizons of (Takaful) at the AGCC countries, Arab Islamic market, the role of Zakat, Awqaf and alms in building an alternative Islamic  economic system and the Islamic banks as a mean for Economic reform.

The OIEF will bring together a number of stakeholders – financial practitioners, academicians, business leaders and key decision makers- from within and outside the Sultanate.

The Forum is an ideal opportunity to have an idea about some major personalities and institutions in the Sultanate and establish fruitful long term business relations.


In keeping with the ongoing efforts prior to the introduction of Islamic finance in Oman, Amjaad Develop-ment has organised the Oman Islamic Economic Forum 2011 on December 17 and 18.


The event will be held at Al Bustan Palace Ritz Carlton Hotel and see 680 participants, including local and global organisations related to the field.

Several high profile speakers are on the agenda, including Tun Abdullah bin Haji Ahmad Badawi, ex-prime minister of Malaysia, who is known for promoting economic and technological development through Islam.

“As we’re starting Islamic banking in Oman, we want to bring experts from overseas to share their knowledge,” said Khalid al Yahmadi, chairman of Amjaad Development. “The forum will provide awareness, training and education about Islamic finance and the structuring of Islamic products.

We have support of the Fatwa Office at the Ministry of Awqaf and Religious Affairs, which was important for credibility.”Bank Nizwa, Oman’s first Islamic bank, will be supporting the event as strategic partner.

“We have entered a partnership with Amjaad Development because we believe that our commitment to Sharia-based financial services and their professionalism will make the forum a success, create awareness on Islamic finance in Oman, showcase our country’s potential and lead to new trends in Islamic banking,” said Ahmed Saif al Rawahi, chairman of the founding committee of Bank Nizwa, in a press release.

On the agenda will be topics such as best practices in Islamic finance, the positive effect Islamic finance can have on Oman’s and the global economy, the Malaysian experience in Islamic finance, as well as opportunities for Omani companies and key players to network with foreign stakeholders.

“We’d like to focus on all the elements and strengths of the Islamic economic system. In order to have a proper and fully compliant Islamic banking system, one should consider all relevant aspects of the Islamic economy,” Khalid said.

A highlight of the event will be the announcement of the annual Global Islamic Finance Awards, which honours institutions and individuals for promoting and developing the Islamic finance market regionally and internationally.