Sohar Islamic Sponsors CBFS Islamic Banking Symposium

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SHAFAQNA – Sohar Islamic , Bank Sohar’s Islamic Banking Window, recently joined hands with the College of Banking and Financial Studies (CBFS) by sponsoring and participating in a special symposium on Islamic finance titled ‘Islamic Finance: Challenge and the way forward’. The event took place at the main hall on the college premises in Boushar and was attended by a large number of College of Banking and Financial Studies faculty and students.

Commenting on the Bank’s sponsorship of the symposium, Mr. Mohammad Haris, AGM and Head of Sohar Islamic said, “At Sohar Islamic we are always keen to support awareness initiatives related to Shari’ah compliant banking. Through our participation in this Islamic banking symposium, we aim to educate the general population on the core values and benefits of Shari’a compliant banking. Most of those being addressed at the college and in such symposium also consist of the younger generation which are considered as the future pillars of this fast growing industry. We feel that contributing to the continued success of awareness initiatives forms an integral part of our corporate responsibility in our community.”

The event was organized by CBFS in order to provide its participants with a richer understanding of the basic tenets of Islamic finance from industry experts, clarify any misconceptions regarding the dynamics of the Islamic finance industry, discuss the macroeconomic growth and stability from the perspective of Islamic finance, and discuss global and domestic prospects of Islamic Banking. The Symposium also covered the challenges faced by the Islamic finance industry and the way to move forward; a topic that was covered in detail in a panel discussion by Mr. Bilal Fiaz, Head of Retail Banking and Branches of Sohar Islamic . He later provided an overview of the Bank’s products and services and how they were designed to be competitive in Oman’s market.

Sohar Islamic – Bank Sohar’s Islamic Banking Window was launched in 2013. All products and services offered by Sohar Islamic that include Retail and Corporate adhere to the highest level of Shari’ah compliance, and are specifically designed to meet certain key criteria including a complete segregation of funds; stand alone and independent branches, separate sales staff, a strong Shari’ah Supervisory Board and Shari’ah Audit and Compliance unit; committed management; and the application of the world’s best Islamic banking software. Sohar Islamic assures compliance with the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Sohar Islamic customers also enjoy free of charge withdrawals from over 1,000 Automated Teller Machines (ATMs) within the OmanNet platform, spread across the Sultanate.

The College of Banking and Financial Studies is an Omani government institution that was established by Royal Decree in 1983 and operates under the juristic supervision of the Central Bank of Oman. The primary objective of the CBFS is to educate and train young bankers and suitably prepare them for a career in the fields of banking, finance and economic research. The open day provided an opportunity for the CBFS students to take part in a number of stimulating activities, and also provided for a fun environment where the students could take the opportunity to relax and network in a social environment.

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