Bank Nizwa, the leading Islamic bank in Oman, signed a Memorandum of Understanding (MoU) with Imam Jabir Bin Zaid Waqf Foundation to help them enhance their marketing and communication services.
The agreement will help the foundation in raising awareness and its impact on humanitarian causes and wellbeing of the society at large. The MoU was signed by Arif Al Zaabi, Retail AGM at Bank Nizwa, and Eng. Ahmed Al Rashdi, Board Member and Chief Executive Officer of Imam Jabir Bin Zaid Waqf Foundation.
The initiative is in alignment with Bank Nizwa’s commitment to support Islamic Awqaf (endowments), which is regarded as one of the most effective Shari’a-compliant tools to promote socially responsible activities for the greater benefits to humanity. In the past also, Bank Nizwa has collaborated with the Foundation on initiatives aimed at spreading knowledge about Waqf and its role in building a sustainable society and economy.
Arif Al Zaabi, Retail AGM at Bank Nizwa said, “Guided by the principles of Sharia and a firm dedication to give back to Omani society, our Bank remains at the forefront in promoting social development and investment through our impactful partnerships and programmes. Our collaboration with the Imam Jabir Bin Zaid Waqf Foundation endeavours to create awareness about the Foundation’s efforts to generate funds and invest in initiatives for humanitarian causes and assets that are in line with Shari’a principles.”
Eng. Ahmed Al Rashdi of Imam Jabir Bin Zaid Waqf Foundation stated,” We are glad to strengthen our relationship with Bank Nizwa and really thankful for their continued cooperation that came as a result of financial cooperation between of Imam Jabir Bin Zaid Waqf Foundation and Bank Nizwa. This cooperation will result in more effective communication with the society about Waqf, the benefits of our programmes and encourage an increased participation of public and private sector institutions and the public at large for investing in our Foundation to increase our outreach.”
As a part of the MoU, Bank Nizwa would support Imam Jabir Bin Zaid Waqf Foundation in preparing reports and give technical advice in the field of IT and communication services. The Bank will also support the foundation in activating the electronic transfer procedures, creating an e-learning platform and develop a corporate identity along with a film to promote the foundation.
Founded by His Eminence Sheikh Ahmed bin Hamad Al-Khalili, the Grand Mufti of Oman, the Imam Jabir Bin Zaid Waqf Foundation aims To serve Islamic Sciences and support educational institutions and centers in particular , support low-income students and donate to helpless patients with critical diseases based on medical reports from the relevant authorities, and take care of those with difficult humanitarian conditions, and serve Islamic Dawah and culture and to take care and spend on donator’s library that is placed permanently as Waqf for students and knowledge seekers, And also invest Waqf assets in real estate, industry, trade, agriculture or other areas that are in line with Islamic Sharia principles of Waqf and its investment and lease.
As the first Islamic bank in Oman, Bank Nizwa maintains a long-standing commitment to raising awareness of the concept and principles of Islamic finance and sharing its multifaceted benefits with people across the Sultanate. Championing a variety of workshops, roadshows, forums and discussion groups, the Bank’s efforts have reached thousands of people ranging from students to public and private sector entities.
The social development of local communities is an integral part of Bank Nizwa’s business philosophy. The Bank has always been an active supporter of local communities especially in educational initiatives. It forged a number of collaborations and partnerships with charities registered with the Ministry of Social Development such as the Oman Association for the Disabled and Omani Association for the Hearing Impaired, to name a few. Other collaborations include the Bank’s partnership with the Ministry of Education to organize Qur’an recitation competitions.
The partnership with Imam Jabir Bin Zaid Waqf Foundation further strengthens Bank Nizwa’s pledge to collaborate with local, regional and international stakeholders to affect a positive change in the society through integrated efforts. These efforts were recognized in the Global Islamic Finance Award ceremony where Bank Nizwa won the “Investors in Society” Award.