Bank Nizwa has signed a strategic partnership with the Ministry of Endowments and Religious Affairs to enhance endowment assets and maximize their returns in Oman.
The Memorandum of Understanding (MoU) was formalized by His Excellency Dr. Mohammed bin Said bin Khalfan Al Ma’amari, Minister of Endowments and Religious Affairs, and Sheikh Khalid bin Abdullah bin Ali Al Khalili, Chairman of the Board of Directors of Bank Nizwa.
This collaboration aims to establish a strategic partnership between the Ministry of Endowments and Religious Affairs and Bank Nizwa to provide Islamic financial models that support the endowment, pilgrimage, and Zakat sectors.
It also aims to facilitate knowledge transfer, strengthen institutional partnerships, and drive joint initiatives that will contribute to the advancement of the Islamic financial sector, Oman’s economy, and society at large, in alignment with Oman Vision 2040.
Khaled al Kayed CEO – Bank Nizwa
“This partnership aims to lay the foundation for a sustainable Islamic finance sector, by fostering strong collaboration between the key pillars of this sector – namely Islamic banking, the Waqf sector, and the Zakat sector – in order to develop an integrated Islamic finance model, achieve balanced economic participation, and support sustainable growth in the Waqf sector. Bank Nizwa intends to leverage its expertise and experience to redefine endowment management and optimization, enhancing its assets, and maximizing returns by integrating innovative financial solutions with institutional and human capacity-building programs, offered by the bank to the endowment sector, based on our goal of promoting Islamic financial inclusion. By collaborating closely with the Ministry, we ensure that our priorities align with the national development priorities in Oman, further reinforcing our leadership in Sharia-compliant financial solutions.”
According to the statement, central to Bank Nizwa’s commitment is the enhancement of human capital. In this context, and in response to the Ministry’s declaration of 2025 as the Year of the Employee, the bank will provide education financing for Ministry employees through the Ijara benefits model. Additionally, the bank will offer integrated financing products and accounts to the Ministry and its employees.
Strengthening sector expertise, Bank Nizwa, in collaboration with stakeholders in the Waqf sector, will also offer a Professional Diploma in Endowment Leadership, held twice a year, covering legal and jurisprudential aspects, investment, governance, risk management, auditing, compliance, performance indicators, and endowment accounting.
As part of its commitment and community awareness efforts, the ‘Endowment Ambassador’ initiative will engage university students in the strategic role of endowments, fostering community awareness among future generations and strengthening the sustainability of the endowment sector in the Sultanate. Additionally, Bank Nizwa will host the ‘Endowment Investment Day’, a consultancy platform that convenes sector partners in a workshop for collective thinking with local and international experts to explore investment opportunities.
According to the statement, the Ministry of Endowments and Religious Affairs will focus on fostering a collaborative framework that enhances synergies between Islamic banks and endowment institutions. The Ministry will support endowment entities in collaborating with Bank Nizwa on sector-specific knowledge development and capacity-building initiatives.
