HE Abdullah Salim Al-Salmi
Executive President
Capital Market Authority, Sultanate of Oman
12th March 2019, Grand Millennium Muscat
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IN PARTNERSHIP WITH
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Date: 12th March 2019
Venue: Grand Millennium Muscat
Attendees: 203
Speakers: 27 Speakers
12th March 2019, Grand Millennium Muscat
IN PARTNERSHIP WITH
Oman has been the hotbed of interest for investors and corporates alike for almost half a decade now. The development of the Islamic finance and banking industry has been an important contributor to the country’s economic growth, with efforts to grow the sector being exercised frequently to compete with its neighbors. Oman has had an impressive Islamic finance growth across multiple sectors in the past years.
As at the end of the first quarter of 2018, Islamic banking assets was recorded at OMR1.41 billion (US$3.65 billion), a 36.9% year-on-year increase from OMR1.03 billion (US$2.67 billion). Revenues generated by the Sultanate’s Islamic banking industry during the same period was realized at OMR17.87 million (US$46.31 million), an increase of 46.12% from OMR12.23 million (US$31.69 million) recorded in the first quarter of 2017.
09:00 – 09:15
Keynote Address
HE Abdullah Salim Al-Salmi, Executive President, Capital Market Authority, Sultanate of Oman
09:15 – 09:30
Keynote Address
HE Tahir Salim Al Amri, Executive President, Central Bank of Oman
09:30 – 10:30
Opportunities for Oman: The Next Stage of Development for Islamic Banking, Capital Markets and Takaful
Through a select group of senior market participants, we review recent developments in Omani Islamic banking, finance, Takaful and investment and ask if expectations have been matched, exceeded or otherwise. We examine industry consolidation and assess the efficacy of various operational models for Islamic banks — stand-alone and windows — while at the same time examining pressing issues such as liquidity management as part of the Sultanate’s Islamic Banking Regulatory Framework. We also discuss what a deposit insurance scheme would look like in Oman and assess what can be learned from other Islamic finance centers that have successfully implemented such schemes.
Moderator:
Jawad Ali, Managing Partner – ME Offices, King & Spalding
Panelists:
Ahmed Al Mamari, Vice-President, Insurance Sector, Capital Market Authority, Sultanate of Oman
Khalid Al Kayed, CEO, Bank Nizwa
Mansoor Jamal Malik, Managing Partner, Al Busaidy, Mansoor Jamal & Co
Mohammed Said Al Abri, Vice-President, Capital Market Sector, Capital Market Authority, Sultanate of Oman
Saud Al Busaidi, Manager, Islamic Banking Department, Central Bank of Oman
10:30 – 11:00
Coffee & Networking
11:00 – 12:00
REITs and Islamic Investment Funds in Oman
An expert panel discusses the launch and development of the REIT market in Oman. With REITs being recently established in the Sultanate and with more in the pipeline, what can we expect in the coming year and what is current investor sentiment and appetite? We also assess the role of regulation, asset quality and diversification.
Moderator:
Salman Ahmed, Partner, Financial Institutions and Capital Markets, Trowers & Hamlins
Panelists:
Abdul Samad Al Maskari, CEO, Thara Global Business
Asad Qayyum, Partner, Al Busaidy, Mansoor Jamal & Co
Kemal Rizadi Arbi, Expert/Advisor, Capital Market Authority, Sultanate of Oman
Saifuddin Ahmed, Head of Asset Management, Almadina Investment
Sylvain Vieujot, CEO, Emirates REIT
Yasser Al Tooqi, Head, Corporate Planning Team, ISFU (Implementation Support and Follow-Up Unit)
12:00 – 12:15
Gold — Opportunities for Financial Innovation
John Durham, Manager – Depository, Gold Corporation, The Perth Mint
12:15 – 12:35
Coffee & Networking
12:35 – 13:25
Learning from Financial Institutions, Issuers and Projects in Oman
What rationale do issuers, corporates and sponsors use for evaluating the offerings of Islamic capital markets and facilities? What lessons can be learned from recent transactions in Oman? We examine factors for success including structures, pricing, ratings, distribution, market conditions and credit enhancement.
Moderator:
Alex Roussos, Partner, Dentons
Panelists:
Girish Koli, CFO, Al Madina Real Estate Company
Mohammed Sajari, Head of Shariah Structuring, Bank Nizwa
Mohsin Shaik, Head of Investment Banking and Capital Markets, Maisarah Islamic Banking Services
Richard Phelan, Legal Director, Oman Gas Company
Sheikh Muadh Salim Ahmed Al-Ghazali, Director, Golden Group of Companies
Thamer Al-Shahry, Head of Corporate Commercial Department, Said Al Shahry & Partners
13:25 – 13:35
Presentation: Talent Development in Islamic finance
Zaineb Sefiani, Founder, Carrera Learning
13:35 – 14:05
Drive and Disrupt: Digital Banking and Financial Technology in Oman and the GCC Region
We assess the latest developments in digital banking and fintech and analyze likely industry shifts, regulation and developments in product and delivery channels across a range of product areas. What does the advancement of technology and in particular, blockchain, mean for Islamic financial institutions in Oman and the Gulf region?
Moderator:
Vineeta Tan, Managing Editor, Islamic Finance news
Panelists:
Ahmet Salim Bilgin, Founder, FinBrain Technologies
Muhammad Kashif Zafar, Head of Islamic Banking Finance, Sohar Islamic
Mughees Shaukat, Head, Islamic Finance, College of Banking and Financial Studies
Salman Kabani, Head of Market Risk, Operational Risk and Strategy
14:05
Closing Remarks & End of Forum
Gold — Opportunities for Financial Innovation
John Durham, Manager – Depository, Gold Corporation, The Perth Mint
DOWNLOAD
14:30 pm – 16:30 pm
The Oman Dialogue
Now in its fourth year, the highly acclaimed IFN Oman Dialogue will once again bring together a select group of Oman’s leading Islamic finance industry’s practitioners and regulators, to openly discuss the benefits and concerns facing the Shariah compliant financing and investment market today.
This thought-provoking exclusive closed-door session brings together the industry’s elite with extensive knowledge of that particular market and industry regulators. The Oman Dialogue will consist of local regulators and industry practitioners and international key players with a solid understanding of the local market but with an outsider’s point of view.
HE Tahir Salim Al Amri
Executive President
Central Bank of Oman
Abdul Samad Al Maskari
CEO
Thara Global Business
Ahmed Al Mamari
Vice-President, Insurance Sector
Capital Market Authority, Sultanate of Oman
Ahmet Salim Bilgin
Founder
FinBrain Technologies
Alex Roussos
Partner
Dentons
Asad Qayyum
Partner, Al Busaidy, Mansoor Jamal & Co
Girish Koli
CFO
Al Madina Real Estate Company
Jawad Ali
Managing Partner – ME Offices, King & Spalding
Kemal Rizadi Arbi
Expert/Advisor
Capital Market Authority, Sultanate of Oman
John Durham
Manager – Depository, Gold Corporation
The Perth Mint
Khalid Al Kayed
CEO
Bank Nizwa
Mansoor Jamal Malik
Managing Partner
Al Busaidy, Mansoor Jamal & Co
Mohammed Sajari
Head of Shariah Structuring
Bank Nizwa
Mohammed Said Al Abri
Vice-President, Capital Market Sector
Capital Market Authority, Sultanate of Oman
Mohsin Shaik
Head of Investment Banking and Capital Markets
Maisarah Islamic Banking Services
Mughees Shaukat
Head, Islamic Finance
College of Banking and Financial Studies
Muhammad Kashif Zafar
Head of Islamic Banking Finance
Sohar Islamic
Richard Phelan
Legal Director
Oman Gas Company
Saifuddin Ahmed
Head of Asset Management
Almadina Investment
Salman Ahmed
Partner, Financial Institutions and Capital Markets, Trowers & Hamlins
Salman Kabani
Head of Market Risk, Operational Risk and Strategy, Bank Nizwa
Saud Al Busaidi
Manager, Islamic Banking Department
Central Bank of Oman
Sheikh Muadh Salim Ahmed Al-Ghazali
Director
Golden Group of Companies
Sylvain Vieujot
CEO, Emirates REIT
Thamer Al-Shahry
Head of Corporate Commercial Department
Said Al Shahry & Partners
Vineeta Tan
Managing Editor
Islamic Finance news
Yasser Al Tooqi
Head, Corporate Planning Team, ISFU (Implementation Support and Follow-Up Unit)
Zaineb Sefiani
Founder
Carrera Learning
Asad Qayyum
Senior Associate
Al Busaidy, Mansoor Jamal & Co
Dhana Pillai
Partner
Al Hashmi Law
Kemal Rizadi Arbi
Expert/Advisor
Capital Market Authority, Sultanate of Oman
Khalid Howladar
Managing Director and Founder
Acreditus
Mohsin Shaik Sehu Mohammed
Head of Investment Banking and Capital Markets
Maisarah Islamic Banking Services
Muhammad Kashif Zafar
Head of Islamic Banking Finance
Bank Sohar
Mughees Shaukat
Head
Islamic Finance, College of Banking and Financial Studies
Riza Ismail
Senior Counsel & Head, Banking & Finance Practice Group
Al Alawi & Co
Sadaf Buchanan
Partner
Dentons
Saifuddin Ahmed
Head of Asset Management
Almadina Investment
Zainab Aziz
Counsel
Curtis, Mallet-Prevost, Colt & Mosle
FORUM SPONSORS
LEAD PARTNER
Bank Nizwa
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.
MULTILATERAL STRATEGIC PARTNERS
The Islamic Corporation for the Development of the Private Sector (ICD)
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
The Islamic Corporation for The Insurance Of Investment And Export Credit (ICIEC)
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.
ASSOCIATE PARTNER
Al Busaidy Mansoor Jamal & Co (AMJ)
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.
PARTNERS
Carrera Learning
Carrera Learning is an innovative e-learning platform enabling users and companies to build their Islamic finance capabilities. We have extensive experience working with world-class financial institutions and organizations as well as professionals.
The Carrera Learning platform is part of Islamic Finance Navigator.
Dentons
Dentons is a global law firm driven to provide clients with a competitive edge in an increasingly complex and interconnected world. Our Middle East network is one of the largest and longest established of any international law firm in the region – we have been on the ground for half a century. With more than 110 legal professionals, many of them bilingual in Arabic and English, our team delivers a comprehensive understanding of local laws, customs and practices.
Dentons’s Islamic finance team is a leader in its field. We are at the forefront of innovation in Islamic finance and work closely with key industry stakeholders. Clients use us for our unrivalled Shariah local knowledge and international expertise across the Middle East, Europe and Asia. We offer a full range of services in domestic and international Islamic finance law advice. Our Shariah solutions are world class, offering practical experience and expertise across a wide range of industry sectors.
Eiger
Eiger Trading Advisors (Eiger) is a UK-based asset-trading and technology company founded in 2008, which specializes as an intermediary in Islamic financial products.
As a leading intermediary and technology provider within the commodity Murabahah space, Eiger has the unique capabilities to deliver Shariah compliant commodity trading solutions through the Eiger Trading Platform (ETP), a web-based trading system, that we tailor to our bank clients’ exact operational requirements.
The ETP automates the structuring and execution of Islamic banking products for wholesale and retail commodity-backed transactions, including two new enhanced modules:
- ETP Retail – A 24/7 STP platform designed to automate the end-to-end commodity Murabahah transactions underpinning retail banking products such as deposits, loans, CASA, credit cards
- ETP Client Reach – A bespoke middle and back office module designed to streamline Islamic treasury and derivative transactions, including execution and documentation with our clients’ clients.
Eiger is authorized and regulated by the UK’s Financial Conduct Authority, and is both a member of the London Metal Exchange and an associate of the London Platinum and Palladium Market.
Equitativa Group
The Equitativa Group is a leading regional asset manager focused on creating and managing REITs. The group offers innovative risk-adjusted, income-generating financial products that cater to institutional and retail investors. As the founder of the UAE’s first Shariah compliant REIT, Emirates REIT, established in the Dubai International Financial Centre, Equitativa is today the largest REIT manager in GCC countries and the biggest REIT manager for Shariah compliant REITs in the world. Equitativa has about US$2 billion of assets under management in the UAE including Emirates REIT and the Residential REIT, the latter incorporated in the Abu Dhabi Global Market. Equitativa is further diversifying its REITs by launching a hospitality REIT, a logistics REIT and several other REITs in emerging markets.
IdealRatings
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.
Maisarah Islamic Banking
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.
Said Al Shahry & Partners (SASLO)
SASLO is an Omani full-service law firm with international experience, providing legal services for more than 27 years across a broad range of sectors and practice areas. The firm has 32 full-time lawyers in two departments — Corporate Commercial and Dispute Resolution. SASLO has advised on some of the most complex financing and infrastructure projects in the Sultanate and has been involved in significant litigation and arbitration in Oman, setting precedents with the Supreme Court.
SASLO has a reputation for providing practical and commercial advice in the context of Omani regulatory and legal requirements. SASLO has a good working relationship with all the government ministries and decision-makers within Oman whose remit affects the business of both local and international clients. In addition to this, SASLO has regularly acted as the advisors to the government for the regulatory development of the business environment.
Having its head office in Muscat and branches in Sohar and Salalah, SASLO is capable of responding rapidly to the legal needs of its clients anywhere in the Sultanate of Oman.
Sohar Islamic
Established in 2013, Sohar Islamic is the Islamic banking window of Sohar International that offers personal and corporate Islamic banking solutions in Oman. Built on the pillars of transparency, trust and commitment, Sohar Islamic’s forward-thinking approach allows for stellar contributions to Oman’s economy while promoting the merits of the Islamic finance industry.
Delivering superior customer service, through a network of strategically placed branches and convenient digital channels, Sohar Islamic observes key conditions including complete segregation of funds, existence of an eminent Shariah supervisory board and compliance with the standards of AAOIFI.
As a socially responsible corporate citizen, Sohar Islamic gives greater focus on bringing more value to the various segments of society. Over the years, Sohar Islamic had launched and supported initiatives related to the empowerment of youth, the preservation of traditional and cultural values and the wellbeing of society across the Sultanate.
Thara Global
Thara Investment is an Omani investment company licensed by Oman’s Capital Market Authority. The company was established in 2018 after a thorough analysis of Oman’s investment landscape where we recognized an opportunity to offer public-private and real estate investment vehicles that would provide secure medium and long-term growth while contributing to the growth of Oman’s economy.
Thara Global Business’s board and management team has over 50 years of experience in the field of investments with a strong focus in Oman, and is committed to introducing innovative structured sustainable yield products to its investors and the market.
The vision is to be a leading investment company with a strong footprint locally, regionally and globally through providing safe and stable investment opportunities to clients and playing a vital role in the economy with innovative structures.
The Perth Mint
The Perth Mint (the Mint) is Australia’s largest and most highly accredited precious metals enterprise. Through its diverse operations and trusted products and services, it develops markets and creates demand for Australian precious metals the world over. Operating the leading refinery in the southern hemisphere and the only facility in Australia accredited for gold and silver by the London Bullion Market Association, the Mint maintains endorsements from commodity trading centers in London, New York, Tokyo, Shanghai and Dubai. Each year, the Mint exports US$14 billion-worth of bullion bars and coins to institutional and private investors located in 130 countries and, with a reputation for innovation and excellence, it issues legal tender commemoratives on behalf of the Commonwealth of Australia and surrounding nations for collectors.
Wholly owned by the government of Western Australia, the Mint offers the world’s only precious metals investment and storage program guaranteed by a sovereign entity and currently manages US$3 billion-worth of metals on behalf of 30,000 clients. Committed to sharing the remarkable story of gold with the global community, the Mint also hosts a premier tourist destination.
Trowers & Hamlins
Trowers & Hamlins is an international law firm with over 150 partners and more than 900 people located across the UK, the Middle East and the Far East providing a full-service integrated offering to clients with local knowledge and expertise at its core.
Our distinguishing feature is that with 25 years of experience in the UK and the Middle East, we have a depth of knowledge of the Islamic finance industry that covers the entire spectrum from regulatory and corporate governance to capital market issuances and real estate investment. Our international team of multidisciplinary specialists will guide you on structuring your Shariah compliant activities to help you achieve a successful outcome.
With our growing office in Kuala Lumpur, our team now advises on Islamic investments, financings and products across the UK, Europe, the Middle East and Southeast Asia.
MEDIA PARTNERS
AlHuda CIBE
AlHuda Centre of Islamic Banking and Economics is working diligently and under vigilance shariah
compliant standards since its inception. AlHuda CIBE was established in 2005 and Mr. Zubair Mughal is its
Chief Executive Officer. AlHuda CIBE has been accredited as a distinguished service provider due to our
notable services, team of dedicated professionals and one stop solutions of Islamic banking and finance.
Our aim is to provide state-of-the-art and science services of Islamic banking and finance worldwide.
AlHuda head office is in UAE and regional offices are in Pakistan and in South Africa. AlHuda CIBE is
omnipresent worldwide for its various services:
- Advisory & Consultancy
- Research & Development
- Education & Capacity Building
- Shariah Advisory
- Publications & Events
Website link: www.alhudacibe.com
PLUS Journal
PLUS Journal is the most competent specialized periodical in Russia and other CIS countries (published since 1994). Our readers stay informed about the latest business trends, the most important events in the market and industry, expert views and analytical studies of competent professionals, thus getting opportunities for professional and career growth.
True Banking
True Banking is a Bi-Monthly magazine working to deliver Islamic banking & financial services with specific focus on research development, market analysis, training and advancements. The prime aim of True Banking is to create awareness of Islamic banking and finance in the masses and to make available a platform to get the latest news, innovations and updates of national and international banking and finance industry. It is an addition to our achievements towards developing and promoting Shariah compliant financial industry worldwide.
FORUM PHOTOS
Last Visit to Muscat
As one of the last GCC nations to join its peers in tapping the Islamic finance industry, Oman has been the hotbed of interest in the GCC region for investors and corporates alike for almost half a decade now. The development of the Islamic finance and banking industry has been an important contributor to the country’s economic growth, with efforts to grow the sector being exercised frequently to compete with its neighbors.
Oman has had an impressive Islamic finance growth across multiple sectors in the past years. By the end of 2016, Shariah compliant shares worth OMR3.3 billion (US$8.54 billion) represented 21.58% of the total market capitalization of shares listed on the Muscat Securities Market. Sukuk outstanding of OMR329.48 million (US$852.92 million) took up 16.29% of the total market value of the fixed income market. In 2017, the sovereign issued its US dollar Sukuk, followed by the first Sukuk program by Meethaq. Meanwhile, the Takaful market’s gross direct premiums of OMR42.06 million (US$108.88 million) represented 9.3% of the total insurance premiums in Oman. All these were achieved in about six years since Islamic finance was permitted in 2011 – a remarkable feat. The Sultanate’s strong political will, as well as solid demand, is the driving force behind its success.
Nonetheless, there is still ample room for more development including continuous engagement between regulators and industry participants to discuss needs and enhance the regulatory infrastructure, better communication and alignment of procedures between regulatory and government bodies and continuous development in the human capital space.
After the success of IFN Oman Forum in 2017, the forum will once again return to Oman on the 13th March 2018. Having hosted the forum and dialogue with many groundbreaking sessions and an engaging debate in 2017, the event for 2018 will evolve into a forum with an expected larger number of participants, against the backdrop of further inroads that Oman has made in the industry thus far. Join market regulators and leading industry experts as they discuss the potential of this growing industry at IFN Oman Forum 2018.
Chitrajit Chakrabarti- oman 2018
We were very pleased with the attendance of all the major banks and fintechs from India, Pakistan, Iran, and Bahrain that participated. It was a small setup but one of the very well-organized and compact ones. On behalf of Monami Tech, we appreciate the exposure and hope to be considered for speaking opportunities in the future.
Chitrajit Chakrabarti
VP International Business, Monami Tech
Khalid Al Kayed- oman 2018
Thanks and appreciation for the excellent organization of the forum. It was also our pleasure to participate in the prestigious event. We look forward to 2019’s edition too.
Khalid Al Kayed
CEO, Bank Nizwa
Sulaiman Hamad Al Harthi- oman 2018
Thanks for having me at this very high-profile event and allowing me to speak and learn and share views at the dialogue. I am sure IFN Events will be followed in the future and participants will be waiting for it.
Sulaiman Hamad Al Harthi
Deputy CEO - Islamic Banking ,Islamic Banking Group Bank Muscat
Mughees Shaukat-oman19
Thank you IFN for these productive events you guys do the world over. Always felt at home and keen to contribute and promote these efforts.
Mughees Shaukat
Head, Islamic Finance, College of Banking and Financial Studies
Girish Koli-oman19
It was indeed a pleasant experience and enjoyable events including networking.
Girish Koli
CFO, Al Madina Real Estate Company
Muhammad Kashif Zafar-oman19
Indeed it was a great event. The IFN team did a great job. I want to extend a special thank you for having Sohar Islamic as a sponsor and me as a panelist. I would love to have senior management participation next time. We can discuss that nearer to the event date. Also, I hope that we can get more companies on board.
Muhammad Kashif Zafar
Head of Islamic Banking Finance, Sohar Islamic
Maisarah Islamic Banking Services-oman19
The experience of attending IFN Oman 2019 event has been wonderful. It hits all the right notes with contemporary issues being discussed and experts sharing their thoughts. The format has been well planned with conference sessions and networking sessions evenly paced out. It was a pleasure to meet all the financial industry experts, regulatory bodies and clients present at the event.
Maisarah Islamic Banking Services
For any inquiries contact us
Our team will be glad to answer any questions you may have about this event.
