Muscat – Bank Nizwa’s Head of Shari’a Compliance, Dr. Anwar Soubra, underscored the importance and benefits associated with the growing Islamic banking and finance sector in Oman to provide youth with awareness and knowledge regarding Sharia compliant financing. His shared insights were part of a roundtable discussion organized by Youth Vision, a local non-government organization responsible for youth development programs. With Islamic banking growing in interest and popularity in the Sultanate, Dr. Soubra spoke to over 40 youth in attendance on three main topics including the principles of Islamic banking, variances compared to conventional banking and the challenges of the concept.
“Raising awareness on the relatively new and fast growing practice of Islamic banking in Oman presents a solid opportunity for youth to acquire knowledge and utilize Sharia compliant financing modes,” said Dr. Soubra. “Events such as this are the perfect platform for engaging in two-way dialogue that will build knowledge on the potential of Sharia-based banking and its advantages. As the first dedicated Islamic bank in the country, we feel that it is our responsibility to take the lead in this regard.”
With a PhD in Islamic Studies from Imam Ouzai College for Islamic Studies in Beirut, and a Bachelor degree in Business from the American University of Beirut, Dr. Soubra is a seasoned lecturer with over 30 years of experience. He went on to say that the younger generation will play a key role in the future of the Islamic finance industry.
About Bank Nizwa
Bank Nizwa is Oman’s first dedicated Islamic bank offering a unique banking experience that combines Shari’a compliant products and services with today’s dynamic financial requirements. Since its inception in January 2013, the Bank has become a reliable partner to a growing customer-base seeking an alternative to conventional banking. With a number of innovative and competitive propositions, its portfolio ranges from a full suite of personal banking solutions to relationship management and treasury products for global markets.
With less than two years of operations, Bank Nizwa has expanded its reach, opening nine branches across Oman in Muscat, Ghoubra, Al Khoud, Nizwa, Samail, Sohar, Ibra, Sur and Salalah. As of June 30th 2014, its total assets reached OMR 236 million, representing a 39% growth over the same period in 2013 with shares traded on the Muscat Securities Market (OM: BKNZ).
Originally published on www.zawya.com