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IFN Oman Forum 2023

In partnership with

CMA

12th September 2023
Grand Millennium Muscat

#IFNOMAN2023

Watch Now

  • Keynote
  • Session 1
  • Case Study
  • Session 2
  • IFN Awards
  • Session 3
  • Session 4
  • Dialogue

Keynote

Keynote Address

Ahmed Ali Al Maamari, Executive Vice-President, Capital Market Authority, Sultanate of Oman

Session 1

Omani Islamic Financial Services: A Successful Strategy for Building Momentum
  • Reviewing the 10-year journey of formalized Islamic finance in Oman and navigating the coming years through the strategic development of the Omani Islamic financial services ecosystem.
  • The role of Islamic finance in the development of the private sector in Oman.
  • Key market developments: remunerative deposit accounts, a potential treasury Sukuk and the introduction of Wakalah money market liquidity management tools.
  • Key regulatory issues: the treatment of Islamic banks after mergers with conventional institutions, and the Shariah governance framework and audit guidelines.
  • An overview of new regulations for the issuance of bonds and Sukuk in Oman.
  • The year of endowment: how Waqf can be further applied to Islamic financial services in Oman.

Moderator:

Asad Qayyum, Managing Partner, MAQ Legal

Panelists:

Ali Hassan Moosa, CEO, Oman Banks Association
Khalid Al Kayed, CEO, Bank Nizwa
Kemal Rizadi Arbi, Expert/Advisor, Capital Market Authority, Sultanate of Oman
Sharifatul Hanizah Said Ali, Executive Director, Islamic Capital Market Development, Securities Commission Malaysia
Thamer Al Shahry, Partner, Said Al Shahry & Partners

Case Study

Case Study Pearl REIF - Oman's Largest Shariah compliant Real Estate Investment Fund

Kumail Ali Moosa, Senior Specialist, Fund and Portfolio Management, Sohar International Bank

Session 2

Driving the Development of Shariah Compliant Direct Investment and Fund & Asset Management in Oman
  • Building on the success of Shariah compliant real estate investment funds and trusts domiciled in Oman, as well as direct investment into real estate assets in the Sultanate.
  • Opportunities for regional Shariah compliant funds domiciled in Oman: equity, Sukuk and private equity funds.
  • Private equity and venture capital investment — framework enhancements, cross-border and foreign direct investment opportunities.
  • Changes to fund regulatory frameworks resulting from the executive regulations to the Securities Law, and implications for various fund structures.
  • Exploring the potential for the application of Waqf to Islamic funds in Oman.
  • The prospects for Islamic sustainable investing in the Sultanate.

Moderator:

Mike Tirman, Partner, Ice Miller

Panelists:

Anand Raghavendran, Head of Asset Management, BankDhofar
Hassan Ali Ansari, CFO, Takaful Oman
Salman Kabani, Sr. Head of Enterprise Risk and Strategy, Bank Nizwa
Shahariah Shaharudin, President, Saturna Malaysia
Talha Ahmed Khan, Country Manager and Head of Global Investment Unit, Pak Oman Investment Company

IFN Awards

Session 3

Building Oman as a Regional Centre for Islamic Structured Finance and Capital Markets
  • The reach and implications of new regulations for the issuance of bonds and Sukuk on products and markets.
  • Discussing the potential issuance of a treasury Sukuk and how it would benefit the Omani Islamic capital market.
  • Examining the Towell Infrastructure Projects syndicated Wakalah, and what the structure means for the Islamic finance market in Oman.
  • Developing the Islamic equity capital market in Oman, and capitalizing on recent domestic IPO activity.
  • How will new bond and Sukuk regulations accommodate and facilitate sustainable finance?
  • Restructurings and refinancings in the Sultanate — the role of the Islamic capital market.

Moderator:

Luma Saqqaf, CEO, Ajyal Sustainability Consulting

Panelists:

Mohamad Noranuar Sajari, Head of Shariah Structuring, Bank Nizwa
Suad Al Balushi, AGM – Head of Treasury and FI, Oman Housing Bank
Vinod Sadhwani, General Manager, Treasury, MB Holdings

Session 4

Oman’s Opportunity in Alternative Finance: Shariah Compliant Marketplace Financing and Digital Initiatives
  • Evaluating opportunities for crowdfunding in Oman, with nine current providers and potential amendments to crowdfunding legislation.
  • Unique to Oman: new opportunities for private equity and venture capital players in the crowdfunding ecosystem.
  • Implications and reach of the proposed new digital and virtual assets regulatory framework.
  • Building a digital marketplace and ecosystem: tokenization, ICOs, regulation and Shariah principles.
  • Potential developments for standalone Islamic digital banks in Oman.

Moderator:

Dr Muhammad Suhail Rizwan, Assistant Professor and Team Head: FinTech Professional Certificate, College of Banking and Financial Studies, Oman

Panelists:

Kemal Rizadi Arbi, Expert/Advisor, Capital Market Authority, Sultanate of Oman
Khalid Howladar, Chairman, MRHB DeFi
Dr Khalid Tahhan, Co-founder, Easy Coins
Mayan Al Asfoor, Country Manager, Beehive Oman
Saleh Al-Tamami, Co-Founder and CEO, Mamun

Dialogue

Islamic Sustainable Finance and Investment Dialogue
  • What represents a blueprint for advancing the transition to a low-carbon economy via effective stakeholder collaboration, regulation, resource allocation, positioning and product innovation in the Omani financial services sector?
  • What are the implications for the Islamic sustainable financial services sector of the introduction of various regulatory taxonomies, frameworks and standards?
  • How will new bond and Sukuk regulations, as part of the executive regulations to the Securities Law, accommodate and facilitate sustainable finance in Oman?
  • What are current tax and operational cost incentive frameworks for the development of Islamic sustainable finance and investment products in Oman? Are they effective, and what more can be done?
  • The juxtaposition facing the GCC: funding the hydrocarbon sector, while simultaneously developing a thriving green and sustainable finance sector
  • Are we sufficiently capitalizing on the powerful synergies between sustainable finance and Islamic finance and how do we effectively position the sector?
  • What are important criteria in the development of Islamic sustainable finance and investment products, and are we successfully developing products which satisfy both Shariah and ESG requirements?
  • What approaches are large regional institutional investors taking to sustainable finance and investment, and what can be learnt from this?
  • How do we fund clean energy, sustainable activities and social projects in Oman such through an effective, liquid Islamic capital market?
  • How do we continue to measure impact from green and sustainable issuance? What tools are available for issuers and investors for this purpose?

Moderator:

Luma Saqqaf, CEO, Ajyal Sustainability Consulting

Panelists:

Asad Qayyum, Managing Partner, MAQ Legal Kemal Rizadi Arbi, Expert/Advisor, Capital Market Authority, Sultanate of Oman Khalid Al Kayed, CEO, Bank Nizwa Shahariah Shaharudin, President, Saturna Malaysia Talha Ahmed Khan, Country Manager and Head Global Investment Unit, Pak Oman Investment Company Thamer Al Shahry, Partner, Said Al Shahry & Partners

IFN Oman Forum Review

IFN Oman Forum 2023 Review

Oman has a joyous song to sing when it comes to Islamic finance. But, as experts at IFN Oman Forum 2023 highlighted, to maintain the tune, and to actually switch up the beat, industry stakeholders need to identify new opportunities in alternatives and address current market gaps. VINEETA TAN summarizes the proceedings of the successful event.

The story so far
Islamic finance in Oman is on a good run. A decade since the industry was formalized, the Sultanate has been on a phenomenal trajectory: 16.4% of the overall banking assets are Shariah compliant, the Islamic capital market account...Read More

About The IFN Oman Forum

Oman’s Islamic banking and finance industry may be the youngest in the GCC, but it has exhibited tremendous growth potential and an impressive track record.

By the end of the first half of 2022, Islamic banking assets commanded a market share of almost 16%, following a 9.6% year-on-year growth to OMR6.2 billion (US$16.06 billion). The Islamic capital market too has grown in leaps and bounds – the government has tapped the sovereign Sukuk space several times with instruments for both the institutional and retail markets, all of which were heavily subscribed, demonstrating strong demand. New avenues of growth are also being cultivated such as fintech.

The Capital Market Authority and the Central Bank of Oman have been instrumental in Oman’s growth story. They continue to shape the narrative with effective policies and measures as well as continuous engagement with stakeholders.

With the support of the regulators and leading Islamic financial institutions, the 8th IFN Forum will take place in Muscat to host industry-led engagements to facilitate further expansion of the sector.

Download Post Event Report

Forum Keynote

Ahmed Ali Al Maamari

Ahmed Ali Al Maamari

Executive Vice-President, Capital Market Authority, Sultanate of Oman
Ahmed Ali Al Maamari
Ahmed Ali Al Maamari
Executive Vice-President, Capital Market Authority, Sultanate of Oman

Ahmed Ali Saif Al Mamari is currently working as the vice-president of the insurance sector of the Capital Market Authority (CMA) of Oman, the governmental organization that regulates and supervises the securities, insurance and capital market sectors and investment companies. He has 19 years of experience working in the insurance sector.

Ahmed was a member of the official committee for introducing Islamic products to the CMA and also worked as a coordinator of the joint World Bank–CMA Financial Market Development program for Oman.

Ahmed has a Bachelor of Economics degree from Sultan Qaboos University in the Sultanate of Oman (July 2001) and a Master’s degree in finance and business economics from the University of Manchester’s Manchester Business School in the UK (September 2009). He also attended various leadership and technical courses, including the Advanced Strategic Management course from IMD in Lausanne, Switzerland (2011) and the Oxford University Leadership and Competitiveness Program (nine-month program) in 2017.

Forum Speakers

Ali Hassan Moosa

Ali Hassan Moosa

CEO, Oman Banks Association
Ali Hassan Moosa
Ali Hassan Moosa
CEO, Oman Banks Association

In June 2017, Ali Hassan Moosa joined the Oman Banks Association as the first full-time employee of the association, with 24 years of experience in various fields of banking such as technology, retail, marketing, operations, credit and recoveries, as well as in the private commercial sector, specifically residential and commercial real estate, and tourism development. Ali also lectured at the College of Banking and Financial Studies and was the first author of the section ‘Banking & Finance’ in monthly publication Oman Economic Review. Ali holds a Bachelor’s degree in computer science from the University of Reading, and an MBA from Webster University.

Anand Raghavendran

Anand Raghavendran

Head of Asset Management, BankDhofar
Anand Raghavendran
Anand Raghavendran
Head of Asset Management, BankDhofar

Anand Raghavendran is currently the Head of Asset Management at BankDhofar. He has over 17 years of experience in asset management, private equity, real estate investing, fixed income, private credit, listed equities and technology consulting. During his investing career, he gained immense experience across asset classes, generating attractive returns to investors.

Prior to his current role, Anand was the Senior Vice-President with Shariah compliant global investment company Gulf Islamic Investments. Prior to that, he was the Fund Manager of Private Markets at Bank Muscat, a leading bank and asset manager based in Oman. Earlier, he was the Senior Vice-President with Creador, a private equity firm focused on South Asia and Southeast Asia. During his investment career, Anand has led multiple conventional and Shariah compliant portfolios.

Anand holds a PGDM from XLRI School of Business (India) and graduated in mechanical engineering from PSG College of Technology (India).

Asad Qayyum

Asad Qayyum

Managing Partner, MAQ Legal
Asad Qayyum
Asad Qayyum
Managing Partner, MAQ Legal

Asad Qayyum is a highly skilled dual-qualified corporate and commercial lawyer with extensive multi-jurisdiction experience in a number of sectors of the law including capital markets, funds, conventional and Islamic finance, mergers and acquisitions, natural resources (oil, gas and mining) and project finance transactions.

Asad is qualified as a solicitor of the Senior Courts of England and Wales, a barrister of England and Wales and an advocate of the High Courts of Pakistan. He has over 22 years of experience advising on a broad range of transactions during his time in the UK, Sultanate of Oman and Pakistan. Asad’s expertise is in advising sovereign and sovereign-owned companies and listed and private companies with respect to their debt and equity capital market financings (conventional and Islamic), registration of funds (including real estate investment funds, acquisitions and disposals of hydrocarbon assets – onshore and offshore) and negotiating clients’ commercial (oil and gas) contracts across the globe (including in the UK, Oman, Canada, the Middle East, Pakistan, Cameroon, Tanzania, Namibia, Burundi, Benin, Cameroon, Nigeria and Kazakhstan).

Hassan Ali Ansari

Hassan Ali Ansari

CFO, Takaful Oman
Hassan Ali Ansari
Hassan Ali Ansari
CFO, Takaful Oman

Hassan Ali Ansari is CFO of Takaful Oman. Takaful Oman is one of the two Islamic insurance companies in the Sultanate of Oman. He started his career with PwC in 2001 and later on in 2007 he moved to AIG, where he served until 2019. He held multiple positions in AIG such as CFO of Pakistan, financial controller for MENA, country finance manager for Oman and Qatar, etc. In addition to core finance, in his current role, he oversees Shariah compliance, risk management and the information technology department. Hassan is a fellow member of the Institute of Chartered Accountants of Pakistan.

Kemal Rizadi Arbi

Kemal Rizadi Arbi

Expert/Advisor, Capital Market Authority, Sultanate of Oman
Kemal Rizadi Arbi
Kemal Rizadi Arbi
Expert/Advisor, Capital Market Authority, Sultanate of Oman

Kemal Rizadi Arbi has 30 years of global experience in the banking and financial industry (both government and private sectors), being involved in Islamic finance, corporate and investment banking, fund management and ESG sustainable finance, to name a few.

Kemal is currently an expert/advisor with the government of Oman and, for the last 10 years, has been with the Executive President/Vice-President’s Office at the Capital Market Authority (Oman CMA) which regulates and develops the financial industry in Oman relating to the capital market and insurance sectors (both conventional and Islamic).

Prior to joining the Oman CMA, Kemal had established strategic initiatives for the development of the Malaysian and ASEAN+3 (10 ASEAN nations with China, Japan and Korea) capital markets and evaluated corporate finance/Islamic finance transactions as the head of department at the Securities Commission Malaysia.

Kemal was awarded the Malaysian government (JPA) full scholarship for top scholars at the University of Iowa in the US and graduated with a Bachelor of Science degree in actuarial science. He also holds an MBA (Finance) from the International Islamic University Malaysia and a Chartered Islamic Finance Professional Master’s degree from INCEIF University in Malaysia.

Khalid Al Kayed

Khalid Al Kayed

CEO, Bank Nizwa
Khalid Al Kayed
Khalid Al Kayed
CEO, Bank Nizwa

Khalid Al Kayed, CEO of Bank Nizwa, is a financial industry veteran with over 30 years under his belt. Al Kayed was the Chief Finance Officer of the bank before taking on his current role. As the CEO, he is responsible for spearheading the bank’s overall business growth and strategies.

Al Kayed holds a Master’s in International Accounting and Finance from Liverpool University. He is a Certified Management Accountant (CMA), Certified Strategy and Competitive Analysis (CSCA) from Institute of Management Accountants and Certified Financial Manager (CFM) alumni of Columbia Business School Associate. He also holds Chartered Institute of Management Accountants (ACMA) and Certified Global Managerial Accountant (CGMA) designations.

Prior to joining Bank Nizwa, Al Kayed held various posts in a host of well-respected financial institutions including Deputy CEO and Chief Financial Officer at Jordan Dubai Islamic Bank, Chief Financial Officer at Standard Chartered Bank Jordan and Financial Controller at the offshore banking unit of Jordan National Bank Cyprus.

Khalid Howladar

Khalid Howladar

Chairman, MRHB DeFi
Khalid Howladar
Khalid Howladar
Chairman, MRHB DeFi

Khalid Howladar is the chairman of MRHB DeFi, the world’s first ethical and faith-based decentralized finance platform. In addition, Khalid is an active innovation angel, advisor and board member for a diverse mix of fintech, crypto, edtech and Islamic economy start-ups through his firm Acreditus Partners. Lastly, he is the senior managing director and head of credit and Sukuk for RJ Fleming & Co, the boutique merchant banking advisory of the Fleming family.

With a rare confluence of financial, tech, social and faith-driven perspectives, Khalid is a recognized authority in his fields and has addressed investors worldwide and audiences at the World Bank, IMF, European Central Bank and Institute of International Finance.

Khalid gained industry prominence from his 15 years at Moody’s Investors Service in London and Dubai culminating as both the global head of Islamic finance and the head of the GCC banking team.

Khalid’s most prominent start-up role was as angel and later chairman of Small Pharma, a pioneering psychedelic UK biotech that successfully made the transition from start-up to a public 2021 listing on the TSXV Canada during his board leadership.

Dr Khalid Tahhan

Dr Khalid Tahhan

Co-founder, Easy Coins
Dr Khalid Tahhan
Dr Khalid Tahhan
Co-founder, Easy Coins

Dr Khalid MW Tahhan is a co founder of Oman’s first cryptocurrency brokerage service launched under the Jadara Program of the Ministry of Transport Communication and Information Technology (MTCIT) and is currently the first registered virtual assets service provider with the Capital Market Authority of Oman. Also under MTCIT’s Jadara Program, Dr Khalid and his co-founders are launching Oman’s first stable coin and wallet called Hasalah.

Kumail Ali Moosa

Kumail Ali Moosa

Senior Specialist, Fund and Portfolio Management, Sohar International Bank
Kumail Ali Moosa
Kumail Ali Moosa
Senior Specialist, Fund and Portfolio Management, Sohar International Bank

Kumail Ali Moosa has over nine years of experience in investment banking, marketing and valuing global investment products including mutual funds, bonds, life insurance products, REITS and local and GCC equities. Prior to Sohar International, Kumail worked at Ubhar Capital as a fund manager, in Standard Chartered Bank’s wealth management division and the US equity market division of Vision Investment Services. He is currently working as a real estate investment manager and assisted in the launch of one of Oman’s first Shariah compliant real estate funds. Kumail has a Bachelor’s degree from Anglia Ruskin University in business administration, specializing in marketing. In addition, Kumail has held the CFA charter since 2019.

Luma Saqqaf

Luma Saqqaf

CEO, Ajyal Sustainability Consulting
Luma Saqqaf
Luma Saqqaf
CEO, Ajyal Sustainability Consulting

Luma Saqqaf is a recognized sustainable finance consultant in the MENA region and is called upon by corporates, financial institutions, funds and asset managers to advise on aspects of sustainable value creation, sustainable and ESG strategy and its integration into their business. She also counsels regulators and financial markets in the MENA region on sustainable finance regulations and the development of the capital markets in the MENA region.

Luma has been at the forefront of finance, Islamic finance, sustainability and entrepreneurship in the MENA region and Europe for three decades. A former partner and global head of Islamic finance at Magic Circle law firm Linklaters, she has more than 20 years of experience in legal practice, including practicing at the two Magic Circle law firms, Allen & Overy and Linklaters, where she was a finance partner and global head of the Islamic Finance Group. She led teams across Europe, the Middle East and Asia on groundbreaking transactions covering finance and capital markets including Shariah compliant Sukuk (bonds), loans, securitization and structured finance, derivatives and fund transactions.

Luma is now CEO of Ajyal Sustainability Consulting and is also a regular speaker at conferences and contributor to articles on the topics of sustainable finance in the MENA region.

Luma is also the founder of investment group Ajyal Group and ethical luxury womenswear brand BYLUMA and has advised and mentored several social enterprises in the MENA region. She holds a Master of Law degree from the University of Bristol in the UK, and a Bachelor of Law degree from the University of Jordan, and has attended the Harvard executive business education program (YPO Harvard Business Leadership Program 2015, 2016, 2017 and 2019).

Mayan Al Asfoor

Mayan Al Asfoor

Country Manager, Beehive Oman
Mayan Al Asfoor
Mayan Al Asfoor
Country Manager, Beehive Oman

Mayan Al Asfoor is the Oman country manager for Beehive Oman, where she is responsible for overseeing overall strategic direction and managing day-to-day operations. Prior to working at Beehive, Mayan had 17 years of corporate banking experience within local banks such as National Bank of Oman and HSBC. Mayan is also an entrepreneur and owner of an SME.

Mike Tirman

Mike Tirman

Partner, Ice Miller
Mike Tirman
Mike Tirman
Partner, Ice Miller

Mike Tirman is a partner in Ice Miller’s Real Estate Group and advises and represents clients in all areas of real estate law, including acquisitions and dispositions, financing (including various forms of Shariah compliant financing), ground leasing, development, land use and zoning, entity structuring and joint ventures.

Some of Mike’s representative transactions include, among others, r
epresenting a buyer in a US$195 million Shariah compliant acquisition and CMBS financing of a portfolio of 30 industrial properties, representing a landlord in a US$104 million refinance of a portfolio of four industrial properties in New Jersey encumbered by ground leases and representing a REIT in a US$30 million acquisition of a parking garage and execution of a reverse 1031 exchange.

Mike is licensed to practice law in Illinois and Indiana.

Mohamad Noranuar Sajari

Mohamad Noranuar Sajari

Head of Shariah Structuring, Bank Nizwa
Mohamad Noranuar Sajari
Mohamad Noranuar Sajari
Head of Shariah Structuring, Bank Nizwa

Mohamad Noranuar Sajari (Anuar) is currently the Head of Shariah Structuring at Bank Nizwa, the first fully-fledged listed Islamic bank in the Sultanate of Oman. His main task is managing the product engineering and Shariah affairs of the bank mainly to supervise the structuring and bespoke transactional corporate advisory activities. He previously held an additional role as Lead of the Product Development Task Force.

Anuar has close to 20 years of Islamic finance experience and possesses practical experience, a solid understanding in Shariah and experience in a diverse range of business management applications including transaction structuring, implementation of holistic product development cycle and product management as well as Shariah governance vis-à-vis corporate governance. The recent 11 years of his work experience were within the GCC (Oman and UAE) and before that in ASEAN (Malaysia, Singapore, Hong Kong and Brunei) as well as a stint in the UK.

Anuar is credited as the first Malaysian Islamic Banker to join Oman’s Islamic finance industry from ground zero back in 2012. He is also the International Industry Adviser for Universiti Malaya and Universiti Tunku Abdul Rahman where he provides his industrial insight on a pro-bono basis.

Dr Muhammad Suhail Rizwan

Dr Muhammad Suhail Rizwan

Assistant Professor and Team Head: FinTech Professional Certificate, College of Banking and Financial Studies, Oman
Dr Muhammad Suhail Rizwan
Dr Muhammad Suhail Rizwan
Assistant Professor and Team Head: FinTech Professional Certificate, College of Banking and Financial Studies, Oman

Dr Suhail Rizwan has a PhD with a specialization in finance. His areas of interest relate to risk management, Islamic banking and finance, regulatory frameworks of financial institutions, ESG and fintech. Dr Suhail has more than 10 years of teaching, research and consultancy experience in the banking and finance area. He has worked on consultancy projects with the Islamic Development Bank Institute, Central Bank of Iran, Central Bank of Indonesia and Insignia Consultancy. Dr Suhail is a committed and organized researcher with proven leadership qualities for working with diverse ethnic teams and delivering high-quality, impactful, policy-oriented research. His research work has been published in journals in finance. Dr Suhail is currently serving as an assistant professor at the College of Banking and Financial Studies, under the umbrella of the Central Bank of Oman, and leading the Fintech Professional Certificate Program, a pioneer fintech certification in the Sultanate of Oman.

Saleh Al-Tamami

Saleh Al-Tamami

Co-Founder and CEO, Mamun
Saleh Al-Tamami
Saleh Al-Tamami
Co-Founder and CEO, Mamun

Saleh Al Tamami is a seasoned entrepreneur with a remarkable track record of success in various industries. As a co-founder of Mamun, he brings a wealth of experience and expertise to his role as CEO.

Saleh’s entrepreneurial journey began with the establishment of TAMNET, an information technology and business consulting firm, where he demonstrated his visionary leadership by effectively managing operations and driving growth. Recognizing opportunities beyond the realm of technology, Saleh ventured into the car detailing industry with the launch of KOST, successfully positioning the brand as a prominent player in the market.

Prior to embarking on his entrepreneurial endeavors, Saleh honed his legal acumen as a senior commercial and litigation paralegal at SALegal, a prestigious law firm in Oman. This experience equipped him with a deep understanding of legal intricacies, providing invaluable insights into business operations and strategic decision-making.

At Mamun, Saleh’s role as co-founder and CEO allows him to pursue his passion at the convergence of finance, people and technology. He is a visionary leader committed to developing multi-stakeholder products that foster win-win-win outcomes for all parties involved. With an unwavering dedication to excellence, Saleh is instrumental in driving Mamun’s growth, innovation and success in the finance industry.

Salman Kabani

Salman Kabani

Sr. Head of Enterprise Risk and Strategy, Bank Nizwa
Salman Kabani
Salman Kabani
Sr. Head of Enterprise Risk and Strategy, Bank Nizwa

Salman Kabani’s professional banking career spans over 19 years in the GCC/Middle East and domestic markets, having worked in the entire spectrum of commercial and investment banking; culminating in the core competency of being a Subject-Matter Expert in Enterprise Risk and Portfolio Management; Digital Transformation and setting and devising strategies for all the areas of Islamic banking and finance. He specializes in transforming organizations by identifying the right strategic levers to drive the business while minimizing risk.

Currently, he is Head of Enterprise Risk and Strategy at Bank Nizwa, Oman. He holds a Master’s degree in Economics, an MBA in Finance and is a Certified Sharia Advisor and Auditor from AAOIFI. He is also a postgraduate diploma holder from MIT Sloan, USA and has undertaken a certificate course in Fintech from the University of Oxford.

As part of his experiences, he has established and led the Enterprise Risk Management function in large public and private sector banks; directed strategic projects for generating economic value, profiling all material risks, developing and maintaining a sound capital adequacy assessment process and setting ‘in-control’ status. He is exceptionally skilled in developing/setting-up enterprise risk functions, managing complex cross-functional teams, driving growth plans, business strategies and delivering results within changing risk and regulatory environments.

Shahariah Shaharudin

Shahariah Shaharudin

President, Saturna Malaysia
Shahariah Shaharudin
Shahariah Shaharudin
President, Saturna Malaysia

Shahariah Shaharudin is the president of Saturna, a wholly-owned subsidiary of Saturna
Capital Corporation. She received her Bachelor of Arts degree in business studies from Knox College, Illinois and a Master of Arts degree in economics from University of Illinois, Springfield.

Shahariah has more than 30 years of experience in the areas of fund management, stockbroking and commercial banking. She started her career in a commercial bank with extensive experience in retail banking, trade finance and corporate banking and later joined a stockbroking company, overseeing both the stockbroking and futures broking business. She also worked for a fund management house under the Strategic Business and Market Development Division where her core responsibility was sourcing business and servicing both retail and wholesale clients. She was CEO and an executive director of Kenanga Islamic Investors until joining Saturna in October 2018.

Shahariah speaks at Islamic finance and ESG conferences. She is passionate about Islamic investment and has participated in the Brunei Roundtable; presented in events in Shenzen, China; and was nominated in the ‘Top 10 List for Women in Malaysian Financial Institutions’ by a local magazine.

Shahariah is currently a holder of the Capital Market Services Representatives License for fund management.

Sharifatul Hanizah Said Ali

Sharifatul Hanizah Said Ali

Executive Director, Islamic Capital Market Development, Securities Commission Malaysia
Sharifatul Hanizah Said Ali
Sharifatul Hanizah Said Ali
Executive Director, Islamic Capital Market Development, Securities Commission Malaysia

Sharifatul Hanizah is the Executive Director of Islamic Capital Market Development of the Securities Commission Malaysia (SC). She leads a team that facilitates the developmental and operational initiatives for Malaysia’s Islamic capital market (ICM). This encompasses initiatives through the deepening and broadening of ICM products and services to further strengthen Malaysia’s position as a global hub for ICM as well reviews of industry proposals and Shariah status for listed/pre-IPO securities.

Sharifatul has extensive and diverse experience of over 30 years in the fields of investment analysis, portfolio management, equity trading and unit trust while serving in various organizations such as Permodalan Nasional (PNB), RHB Investment Management and Muamalat Invest. During her tenure in PNB and RHB, Sharifatul’s board experience was vast, spanning consumer goods, technology and manufacturing companies. She served on the boards of exchange-listed and private companies as a Nominee Director for PNB and RHB.

Prior to joining the SC in August 2019, Sharifatul was CEO of SIDC, the learning and development arm of the SC. She is a Fellow of the Financial Services Institute of Australasia, a Certified Financial Planner, an Islamic Financial Planner and a Fellow of the Institute of Corporate Directors Malaysia.

Suad Al Balushi

Suad Al Balushi

AGM – Head of Treasury and FI, Oman Housing Bank
Suad Al Balushi
Suad Al Balushi
AGM – Head of Treasury and FI, Oman Housing Bank

Suad Al Balushi has over 18 years of exemplary experience in the banking sector, specializing in strategic and operational leadership in Treasury and Financial Institutions.

Suad is renowned for being the first Omani to achieve the ACI Diploma Certificate, the premier qualification for treasury professionals. Her credentials include being a certified Financial Risk Manager (FRM) by the Global Association of Risk Professionals (GARP). Suad also holds a Master of Business Administration (MBA) and a Bachelor’s degree in Finance from Sultan Qaboos University. She has further honed her skills through professional qualifications and programs at prestigious institutions such as INSEAD, Duke University and Harvard Business School.

Throughout her illustrious career, Suad has garnered numerous accolades including the NTI BizPro Award in 2016, the AlMaraa Award for Excellence in Corporate Leadership in 2021 and the Cambridge IFA WOMANI20 awards for 2021 and 2022. She has been prominently featured in Al Maraa Magazine and the Islamic Finance Review Magazine (ISFIRE), where she was honored as the WOMANI of April 2022 issue.

Before joining Oman Housing Bank, Suad held several senior positions including Head of Global Markets at Bank Nizwa, Global Head of Corporate and Institutional Sales at Bank Muscat and Head of ALM, Secondary Loans, Murex Analytics and BPM at Bank Muscat. Her strategic insights and leadership have consistently driven organizational improvements and optimized performance across various banking operations.

In addition to her professional achievements, Suad is actively involved in mentoring and coaching young talent, participating in industry panels and contributing to the development of financial markets in Oman. She is an active member of the Oman Banking Association (OBA) Treasury Committee and is the founding member of ACIFMA-Oman (under formation).

Talha Ahmed Khan

Talha Ahmed Khan

Country Manager and Head of Global Investment Unit, Pak Oman Investment Company
Talha Ahmed Khan
Talha Ahmed Khan
Country Manager and Head of Global Investment Unit, Pak Oman Investment Company

Talha Ahmed Khan is a profound investment banker and trainer with more than 12 years of experience in various regions. Currently, he is the head of the Global Investment Unit and the country manager of Oman of Pak Oman Investment Company, an investment banking/development finance institution joint venture between the Sultanate of Oman and the government of Pakistan. He has in-depth knowledge and experience of project finance, syndications, debt capital markets, merger and acquisition structures and transactions revolving around various sectors including renewable energy, technology, telcos, pharmaceuticals, etc, in Islamic and conventional modes. Academically, he has a Master of Science degree from UCL with a distinction in investment management, and certifications such as ACA (ICAEW), FCCA and the CFAESG Investment Certificate, as well as an MBA from IBA. He is an associate chartered banker from the Chartered Institute of Bankers Scotland.

Thamer Al Shahry

Thamer Al Shahry

Partner, Said Al Shahry & Partners
Thamer Al Shahry
Thamer Al Shahry
Partner, Said Al Shahry & Partners

Thamer Al Shahry is a partner and heads SASLO’s litigation and dispute resolution departments and is a leading member in the firm’s corporate team.
Thamer is an experienced Omani lawyer with over 14 years of experience in law and practice in arbitration, banking and finance, capital markets, restructuring, corporate governance, employment, mergers and acquisitions, real estate and public–private partnerships.

In the dispute resolution practice, Thamer has the right of audience before the Primary and Appeal Courts of Oman and continuously appears before local and international arbitral tribunals in both institutional and ad-hoc proceedings. His experience includes acting as an Omani law expert before international arbitral tribunals in various commercial and infrastructure disputes, and advises and represents a range of international, regional and Omani clients in many legal aspects including Islamic finance-related disputes, among others.

In the non-contentious practice, Thamer has significant experience in advising on regulatory, corporate, real estate and banking and finance in complex projects and public–private partnerships in the power, oil and gas, water, wastewater and infrastructure sectors in Oman from the clients’, sponsors’ and lenders’ end. He has extensive experience in dealing with Omani government agencies and other regulatory authorities.

Vinod Sadhwani

Vinod Sadhwani

General Manager, Treasury, MB Holdings
Vinod Sadhwani
Vinod Sadhwani
General Manager, Treasury, MB Holdings

Vinod Sadhwani is a seasoned finance professional who possesses over 30 years of experience in diverse industries such as utilities, oil and gas, manufacturing, real estate, trading, advisory, audit and accounting in various positions across organizations in India and Oman. He is currently the general manager of treasury at MB Holding Company, a diverse conglomerate in oil and gas and other businesses and has led multiple transactions of fundraising, restructuring, etc. Earlier, he was heading the corporate finance function at Nama Holding (formerly known as Electricity Holding Company), and he assisted the group in successfully raising funds in excess of US$7 billion across multiple sources/markets/tenors including the first and the largest Omani corporate bond under Rule 144A/Reg S and International Sukuk. He was also deputed to the Debt Management Office under the Ministry of Finance, Oman. Vinod is a chartered accountant from India, holds the CPA qualification from the US, is a certified treasury professional from the Association of Finance Professionals in the US and holds an MBA from the University of Wales in the UK.

Advisory Board

Asad Qayyum

Asad Qayyum

Managing Partner, MAQ Legal
Asad Qayyum
Asad Qayyum
Managing Partner, MAQ Legal

Asad Qayyum is a highly skilled dual-qualified corporate and commercial lawyer with extensive multi-jurisdiction experience in a number of sectors of the law including capital markets, funds, conventional and Islamic finance, mergers and acquisitions, natural resources (oil, gas and mining) and project finance transactions.

Asad is qualified as a solicitor of the Senior Courts of England and Wales, a barrister of England and Wales and an advocate of the High Courts of Pakistan. He has over 22 years of experience advising on a broad range of transactions during his time in the UK, Sultanate of Oman and Pakistan. Asad’s expertise is in advising sovereign and sovereign-owned companies and listed and private companies with respect to their debt and equity capital market financings (conventional and Islamic), registration of funds (including real estate investment funds, acquisitions and disposals of hydrocarbon assets – onshore and offshore) and negotiating clients’ commercial (oil and gas) contracts across the globe (including in the UK, Oman, Canada, the Middle East, Pakistan, Cameroon, Tanzania, Namibia, Burundi, Benin, Cameroon, Nigeria and Kazakhstan).

Hanifa Ymer

Hanifa Ymer

SVP and Head of ESG, Sohar International
Hanifa Ymer
Hanifa Ymer
SVP and Head of ESG, Sohar International

Hanifa has served Sohar International as the Head of Environment Social and Governance (ESG) since 2022, reporting directly to the Chief Executive Officer and the Board Executive, Nomination and Remuneration Committee.

As the focal point for all of Sohar International’s ESG activities, Hanifa is responsible for developing and executing the Bank’s ESG Framework. This includes ensuring effective ESG risk management, opportunity development and supporting Sohar International’s stakeholders through sustainable financing solutions.

Hanifa brings over 25 years of experience managing ESG topics s (e.g. climate change; diversity and inclusion; resource management (energy; water; and waste); social impact; sustainable finance; and much more), and draws on such ESG experience from South East Asia, Europe, South America, North America, Australia and the MEA (Middle East and Africa) regions.

Within MENA, Hanifa has previously held similar leadership roles with Jones Lang LaSalle; Mubadala Investment Company and KPMG.
She has also held Non-Executive Director roles for the United Nations Global Compact UAE, and Football Victoria (Australia). Currently, Hanifa is a member of the Responsible Finance Investment Foundation (MENA Regional Emissary Representative), Executive Committee Member of the Australian Business Group Oman; and Member of the Australian Institute of Company Directors.

Hanifa holds a Bachelor’s Degree in Strategic Management and Marketing (Monash University – Melbourne, Australia); a Graduate Certificate in Sustainability (Swinburne University – Melbourne, Australia); as well as certificates in Sustainable Finance (Frankfurt School of Finance and Management); Climate Change and TCFD – Risks and Opportunities for the Banking Sector (UNEP FI); and Social Return on Investment Practitioner (Social Value International).

Her industry specialisations include financial services; metals and mining; oil and gas; hospitality, leisure, food and beverage; healthcare; agriculture; and transport and infrastructure.

Kemal Rizadi Arbi

Kemal Rizadi Arbi

Expert/Advisor, Capital Market Authority, Sultanate of Oman
Kemal Rizadi Arbi
Kemal Rizadi Arbi
Expert/Advisor, Capital Market Authority, Sultanate of Oman

Kemal Rizadi Arbi has 30 years of global experience in the banking and financial industry (both government and private sectors), being involved in Islamic finance, corporate and investment banking, fund management and ESG sustainable finance, to name a few.

Kemal is currently an expert/advisor with the government of Oman and, for the last 10 years, has been with the Executive President/Vice-President’s Office at the Capital Market Authority (Oman CMA) which regulates and develops the financial industry in Oman relating to the capital market and insurance sectors (both conventional and Islamic).

Prior to joining the Oman CMA, Kemal had established strategic initiatives for the development of the Malaysian and ASEAN+3 (10 ASEAN nations with China, Japan and Korea) capital markets and evaluated corporate finance/Islamic finance transactions as the head of department at the Securities Commission Malaysia.

Kemal was awarded the Malaysian government (JPA) full scholarship for top scholars at the University of Iowa in the US and graduated with a Bachelor of Science degree in actuarial science. He also holds an MBA (Finance) from the International Islamic University Malaysia and a Chartered Islamic Finance Professional Master’s degree from INCEIF University in Malaysia.

Lo’ai Bataineh

Lo’ai Bataineh

CEO, Ominvest International Holding-DIFC
Lo’ai Bataineh
Lo’ai Bataineh
CEO, Ominvest International Holding-DIFC

Lo’ai Bataineh is a seasoned and successful investment banker with over three decades of experience in commercial banking, investment banking, asset management and wealth management. He has experience in establishing, implementing and successfully managing full-service investment banking and asset management businesses. Lo’ai is dynamic and innovative with an ability to capture new market opportunities across multiple sectors and asset classes. Driven to exceed the expectations of all stakeholders, he has extensive experience in matters relating to mergers and acquisitions, restructuring and divestment, among others.

Lo’ai has served as an advisor to several regulatory and government committees in Oman. He is an active presenter in business forums, conferences and panel discussions and he contributes regular articles to business magazines and newspapers in both Arabic and English. He holds Master’s and Bachelor’s degrees in money and banking.

Mohsin Shaik Sehu Mohamed

Mohsin Shaik Sehu Mohamed

Head of Investment Banking and Capital Markets, Maisarah Islamic Banking Services
Mohsin Shaik Sehu Mohamed
Mohsin Shaik Sehu Mohamed
Head of Investment Banking and Capital Markets, Maisarah Islamic Banking Services

Mohsin Shaik Sehu Mohamed is currently heading the investment banking and capital markets at Maisarah, Bank Dhofar. He is responsible on the overall business of investment banking of Maisarah covering debt capital markets, private equity, asset management, corporate finance, wealth management and direct investments.

Mohsin is a well-known figure in the Islamic finance market in Oman due to his role in the Sukuk space. He has been instrumental in executing the first-ever Sukuk in Oman back in 2013. In 2020, Mohsin advised the government of Oman on issuing the first ever sovereign retail Sukuk.

In 2022, Mohsin was appointed as the ‘Grand Councilor’ for Chartered Institute of Islamic Finance in Malaysia. Mohsin is also a chartered professional in Islamic finance and has been certified by the International Academy of Business and Financial Management as a certified private equity specialist. He is also a chartered Islamic finance professional with INCEIF, Malaysia. He graduated with a Master of Business (Applied Finance) degree from the Queensland University of Technology, Australia and holds a Bachelor of Accounting (Hons) degree from University Tenaga Nasional, Malaysia.

Shargeel Akram

Shargeel Akram

Treasurer and Finance, Oman Air
Shargeel Akram
Shargeel Akram
Treasurer and Finance, Oman Air
Suleman Muhammad

Suleman Muhammad

Head of Islamic Products and Segments, Muzn Islamic Banking
Suleman Muhammad
Suleman Muhammad
Head of Islamic Products and Segments, Muzn Islamic Banking

Suleman Muhammad Ali is an experienced Islamic banking professional having a proven track record in leading product innovation, development and Shariah compliance at Islamic financial institutions in Pakistan and the GCC. During his career, he has enabled banks and financial institutions to develop and deliver profitable Shariah compliant financial products and solutions related to retail, corporate, treasury, trade and structured finance.

Suleman specializes in providing bespoke Shariah compliant financial solutions based on the client’s financial needs and business cycle. During his tenure at Meezan Bank in Pakistan, he engaged with various corporate and SME clients to develop short-term financial solutions such as Islamic overdrafts based on Musharakah and bill discounting facilities based on Musawwamah, among others. These solutions have now been adopted as an industry standard in Pakistan.

Suleman has also advised central banks and is also a reputed Islamic banking trainer, regularly conducting various training sessions, corporate workshops and seminars on the subject and has served as a visiting faculty for Islamic finance at the National Institute of Banking and Finance (Pakistan), College of Banking and Financial Studies (Oman) and Academy of Excellence (Oman).

Forum Partners

LEAD PARTNER

Bank Nizwa

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Bank Nizwa started operations in January 2013 to offer the people of Oman a unique banking experience that combines Shariah compliant products and services with today’s dynamic financial requirements. Bank Nizwa’s strategy was built on innovation, service excellence and continuous development and growth. Catering to the people of Oman with an unmatchable banking experience, Bank Nizwa effectively combines Shariah compliant products and services with today’s dynamic financial needs.

Closing in on six years as Oman’s go-to reference of Islamic finance and banking, Bank Nizwa has witnessed steady growth in its customer base as more people seek an alternative solution to conventional banking. With the concept of Islamic banking gaining momentum in Oman, Bank Nizwa continues to offer reliable competitive propositions for customers looking to lead financially-secure lifestyles.

In tandem with its ongoing strategy to bring Islamic banking to customers’ doorsteps and fingertips, the bank currently offers a suite of financing, savings and investment products for individual customers. The bank has also expanded its services to cater to SME, corporate and commercial customers, while providing tailored products for the segments of investment banking and global markets. With innovation at the forefront of its successful operations, Bank Nizwa has been consistently introducing forward-thinking products and services such as its online and mobile banking solutions.

To date, Bank Nizwa has focused on expanding its reach across the Sultanate and raising awareness on the benefits of Islamic finance with a network of 13 branches located in Qurum, Al Ghubrah, Al Khoudh, Nizwa, Ibra, Sumail, Sohar, Salalah, Sur, Barka, Buraimi, Ma’abela and Al Khuwair.

Guided by the principles of Shariah and a firm dedication to give back, Bank Nizwa has taken a leading role in promoting the social development of local communities. Since its inception, Bank Nizwa’s Masoliyati program has successfully served as a volunteering platform founded under the theme of ‘Responsibility’.

The bank’s long list of awards includes more than 25 local, regional and international awards over the years, including the ‘Strongest Islamic Retail Bank’ award in the Sultanate at the Islamic Retail Banking Awards 2018 for the fourth consecutive year, the ‘Islamic Bank of the Year’ award by the leading Corporate Livewire Finance Awards and the ‘Excellence in CSR in Islamic Finance’ award at the regional Corporate Social Responsibility in Islamic Finance Conference and Awards ceremony, to name but a few.

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MULTILATERAL STRATEGIC PARTNERS

The Islamic Corporation for the Development of the Private Sector (ICD)

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The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is part of the Islamic Development Bank (IDB) Group.

The ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to governments and private companies and encouraging cross-border investments.

The ICD has an authorized capital of US$4 billion. Currently, the shareholders of the ICD are the IDB (50%), 53 Islamic countries (30%) and five public financial institutions (20%).

ICD mandate and objectives

The ICD fosters sustainable economic growth in its 53 member countries by:

  • Financing private sector investment
  • Mobilizing capital in the international financial markets, and
  • Providing advisory services to business and governments.

The ICD selects the financing projects based on their contribution to economic development considering factors such as job creation, Islamic finance development, contribution to exports, etc. The ICD also provides advisory services to governments and private sector groups on policies designed to encourage the establishment, expansion and modernization of private enterprises, the development of capital markets, best management practices and to enhance the role of the market economy. The ICD operates to complement the activities of the IDB in member countries.

The ICD is rated ‘AA/FQ’ by Fitch Ratings, ‘Aa3/P-1’ by Moody’s Investors Service and ‘A+’ by Standard & Poor’s.

FOR MORE INFORMATION

Tel: (966-12) 6361400; (966-12) 6441644

Fax: (966-12) 644 4427

Email: [email protected]

Website: www.icd-ps.org

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The Islamic Corporation for The Insurance Of Investment And Export Credit (ICIEC)

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Established 26 years ago in 1994 as a multilateral institution and a member of the Islamic Development Bank Group, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) was tasked to promote cross-border trade and foreign direct investments in its member countries.

The ICIEC’s mission is to make trade and investment between member countries and the world more secure through the Shariah compliant risk mitigation tool. Its vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in member countries.

The ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compliant insurance and reinsurance solutions.

Today, the ICIEC supports trade and investment flows in 47 member countries spanning across Europe, Asia, the Middle East and Africa. Its target clients are corporates (both exporters and investors), banks and financial institutions as well as export credit agencies and insurers.

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International Islamic Trade Finance Corporation

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The International Islamic Trade Finance Corporation (ITFC) is a member of the IDB Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. The ITFC commenced operations in January 2008 and has since consolidated all trade finance businesses that used to be handled by various windows within the IDB Group. Earning an ‘A1’ rating from Moody’s Investors Service reflects the ITFC’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.

Since 2008, the ITFC has provided more than US$40.2 billion of trade financing to OIC member countries, making it the leading provider of trade solutions for the needs of OIC member countries. With a mission of being a catalyst for trade development among OIC member countries and beyond, the ITFC helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.

 

Contact us at:

Twitter: @ITFCCORP
Facebook: @ITFCCORP
Linkedin: International Islamic Trade Finance Corporation (ITFC)

Tel: +966 12 646 8337
Fax: +966 12 637 1064
E-mail: [email protected]
Website: http://www.itfc-idb.org/en

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IsDB Group Business Forum (THIQAH)

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The Islamic Development Bank Group Business Forum (THIQAH) is the window of the IsDB Group that facilitates contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging the IsDB Group’s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group’s financial products and services. (www.idbgbf.org)

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PARTNERS

Al Busaidy Mansoor Jamal & Co (AMJ)

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AMJ’s award-winning Islamic finance practice provides clients with advice and representation on a broad spectrum of Islamic finance transactions (including capital market transactions), regulatory frameworks and products.

The dedicated Islamic finance team comprises international lawyers who have advised on numerous high-profile and innovative transactions in Asia, the Middle East and Europe. The team combines technical expertise in conventional financing with a deep understanding and commitment to the principles and mechanics of Shariah compliant instruments and transactions. They have the experience and know-how to structure and implement complex investment, finance and debt capital market transactions which meet both Shariah and/or conventional banking requirements and also satisfy regulatory requirements. The practice is fully integrated with our internationally-ranked finance and capital market practices, giving it unrivaled depth in the market.

The team has advised governments, corporates, Islamic and conventional financial institutions, banks and funds on Sukuk, funds, structured products and securitization and project financing using the entire spectrum of Shariah compliant instruments.

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Capital Markets Malaysia

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As part of its mandate to develop the capital market, the Securities Commission Malaysia (SC) set up the Capital Markets Promotion Council in 2012 to strengthen its internationalization agenda for Malaysia’s capital market. In 2014, the SC launched Capital Markets Malaysia (CMM) to spearhead both the local and international positioning and profiling of the Malaysian capital market with its wide range of conventional and Islamic products, supported by a strong governance infrastructure. CMM profiles the competitiveness and attractiveness of the various segments of the capital market via a comprehensive and integrated approach to increase international participation and enhance opportunities for Malaysian capital market intermediaries.

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IdealRatings

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IdealRatings was incorporated in 2006 in San Francisco with a corporate objective to provide SRI/ESG and Shariah compliant solutions to ethical investors and enable them to identify such instruments across different asset classes in the global market. IdealRatings serves clients in over 30 countries with a range of capital market solutions including:

  • Equities – A web-based platform covering over 40,000 stocks, where fund managers can screen equities using different, custom-built ESG/SRI/Responsible Investments and Shariah rulebooks or guidelines. This solution caters to different purification calculation methodologies with a comprehensive set of reports for fund managers to manage their portfolio.
  • REITs – Global coverage of all listed REITs that could be screened in accordance with different standard Shariah rulebooks or guidelines.
  • Indexes – Co-branded and jointly marketed by FTSE-Russell Indexes and a separate series with Thomson Reuters for the global markets, designed for fund management and investment benchmarking. In addition, IdealRatings is able to provide custom-built indexes for the fund management industry.
  • Sukuk – A unique solution which includes the global Sukuk and a pioneering Sukuk-screening solution that enables fund managers to customize their Sukuk selection in accordance to their Shariah rulebook, guidelines or investment preference, and
  • Brokerage – The solution provides broking houses the ability to screen global equity markets, a technical analysis of the markets and equities, buy/sell/hold recommendations and purification amounts.
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Maisarah Islamic Banking

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Maisarah, the Islamic banking window of BankDhofar, is one of the fastest-growing Islamic banking entities in the Sultanate of Oman with total assets exceeding US$1.5 billion. Maisarah is enhancing its footprint with well-experienced business divisions with expertise in investment banking, treasury, wholesale banking, trade finance and retail banking.

Maisarah offers a diverse range of superior Shariah compliant products and services as part of its continuous commitment to fulfill the long-term goals of its stakeholders. Maisarah has grown tremendously since its inception and is strengthening its position with a strong performance track record and remarkable milestones in the Islamic finance market. In 2019, Maisarah grew its gross financing portfolio by 12.4% and customer deposits grew by 14.7%. In 2020, Maisarah continues its commitment to reach out to a larger customer base with upgraded systems, cutting-edge technology and state-of-the-art financial and investment solutions.

In recognition of the achievements, Maisarah has won many accolades since its inception, including the ‘Best Islamic Bank in Oman’ at the Middle East Banking Award Finance’s Achievement Awards and ‘IFN Oman Deal of the Year Award 2018’.

With a focus on the future, Maisarah is already enhancing its technological capabilities, digitalization, transformation and aggressive expansion of its channels to meet growing customer needs and expectations.

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MAQ Legal

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MAQ Legal (Al Maamary, Al Abri & Co) is a full-service law firm headquartered in Muscat with a focus on advising local and international clients on corporate and commercial, capital markets, banking and finance, energy, project finance and dispute resolution matters. The firm comprises market-leading and award-winning lawyers with over 50 years of experience who have advised on some of the most innovative transactions in Oman.

MAQ Legal was founded on the core belief that the best way to serve clients is by developing an in-depth understanding of their business and legal and operational requirements so that they can be provided commercially astute, solution-based, innovative and cost-effective advice. In addition to the technical expertise of the lawyers at MAQ Legal, the team possesses in-depth hands-on knowledge of the regulatory and institutional frameworks in Oman and enjoy an enviable network of blue-chip clients and high-level government and institutional contacts.

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Said Al Shahry & Partners (SASLO)

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Said Al Shahry & Partners (SASLO) is a premier full-service commercial Omani law firm that has been a leader and influencer in the Omani legal market for over three decades. The firm has offices in Muscat, Sohar and Salalah and has established strong local roots and a deep understanding of Omani law and practice.

The team at SASLO comprises local and international lawyers and is one of the largest in the Sultanate of Oman. They deliver premium quality Omani legal advice to the very highest standards of international best practice, and their clients regularly receive expert guidance on all aspects of legal transactions in Oman.

SASLO has a combination of lawyers with specialist expertise in dispute resolution; corporate/commercial law; banking and finance, including Islamic finance; employment; construction; projects; capital markets; intellectual property; real estate; and tax. This enables them to anticipate and address any of the issues that can arise across these practice areas, providing their clients with a comprehensive legal service that is tailored to their specific needs.

SASLO has a reputation for providing practical and commercial advice in the context of Omani regulatory and legal requirements. The team is well-versed in regulatory matters and has a strong understanding of the development of new laws and regulations in Oman. The firm often advises the government and other organizations on the regulatory development of the business environment.

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Saturna

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Saturna is the wholly-owned Malaysian subsidiary of Saturna Capital Corporation, a values-based global asset manager which is Shariah compliant with an ESG focus. Saturna’s deep-rooted belief in value investing shines through in the quality of our investments. We do not follow trends, we analyze opportunities focusing on capital preservation and sustainable investment. Our broad experience distinguishes us in the investment business. We help individuals and institutions build wealth and preserve capital.

Our parent company, Saturna Capital Corporation, is a US-based fund manager specializing in Shariah equities and is internationally recognized as an investment advisor to the Amana Mutual Funds Trust. It has the two largest Islamic equity mutual funds in the world, ie Amana Income Fund and Amana Growth Fund with assets under management of both funds circa US$5 billion.

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CONSULTANCY PARTNER

Redmoney Consulting

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Launched in April 2021, Redmoney Consulting is a new and highly focused advisory firm focusing on global Islamic, Ethical, Responsible and Sustainable Finance. Redmoney Consulting is a logical extension of REDmoney Group, the Islamic finance industry’s leading media house with a truly global audience. In addition to Islamic finance, the Group has steadily increased its coverage of the green and sustainable finance sector as the two markets continue to converge. Redmoney Consulting provides an expansive service allowing its consultants to provide advisory and consulting services at the highest level for the most discerning of clients.

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LEAD MEDIA PARTNERS

MEDIA PARTNER

In The News

IFN Monthly Review: May – Sovereign issuers take top billing

Sovereign Sukuk issuers took center stage this month, with Nigeria, Bangladesh and Oman returning to the market and Pakistan launching...

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Oman: Expanding the Islamic finance sector

While Oman’s Islamic finance and banking industry is younger and smaller relative to its GCC neighbors, the Sultanate has…

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Oman doubles down on Islamic finance regulatory support — where next?

The Central Bank of Oman (CBO) revealed several Shariah banking initiatives including the long-awaited policy on Islamic…

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Oman to address Islamic banking sector’s needs with new products

The Central Bank of Oman (CBO) is preparing to address the needs of the Sultanate’s Islamic banking sector with…

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The Previous IFN Oman Forum

IFN Oman Forum 2022

The 7th annual IFN Oman Forum, in collaboration with key local regulators and the leading Islamic financial institutions and intermediaries, returned in 2022 to provide exclusive access for industry experts, potential investors and leaders from around the region to further develop the market.

Oman was a leading force in the local and regional Islamic finance space, spanning all sectors and products, and it continued to flourish. With a stringent regulatory infrastructure, industry players were assured of support from the authorities, and the market remained open to expansion and improvement.

Although still relatively new to the Islamic finance and banking industry relative to the other GCC countries, Oman boasted total Islamic assets of USS$14.7 billion, an impressive 15.16% of the total assets of the country’s banking sector.

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About REDmoney Events

REDmoney events designs, organizes and hosts industry-leading conferences, forums, roadshows, seminars and dialogues focusing on the Islamic financial markets across a global, regional and national level. Leveraging an exceptional network of the industry’s elite and supported by the expertise of the REDmoney publishing and seminars divisions, REDmoney Events are able to provide access to a unique array of influential speakers, panelists and participants from a cross-section of the global industry to debate the most significant issues affecting the Shariah compliant financial markets.

REDmoney events are differentiated by their complimentary yet qualified attendance structure, ensuring the highest quality of both delegates and contributors. Comprehensive and cutting-edge, attendance ensures exclusive access to the leaders in their field across all sectors and markets.

TThe annual IFN Asia and IFN UK Forums are categorically recognized as their continent’s leading industry events since their inception in 2006 and 2007 respectively. The Dialogues series has also become an integral element of the REDmoney events series and have cemented their position as leading, must-attend, events. In 2022, we introduced the Islamic Sustainable Finance & Investment Forum, which was an enormous success, and will become a mainstay.

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REDmoney Events designs, organizes and hosts industry-leading conferences, forums, roadshows and seminars focusing on the Islamic financial markets across a global, regional and national level.

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