Al Yusr Sponsors First Ever Salalah International Forum on Islamic Finance

Muscat, August 27, 2017: As part of its commitment towards supporting the development of Islamic Finance in the Sultanate, Al Yusr – Oman Arab Bank’s (OAB) Islamic Banking Window, recently sponsored the first ever Salalah International Forum on Islamic Finance (SIFIF2017). The event, organised by the College of Banking and Financial Studies in collaboration with Tawafaq Consultancy, focused on the discussion of practical challenges in Islamic Finance and proposed mechanisms to increase its effectiveness and economic development.

Commenting on the Bank’s sponsorship of the event, Rashad Ali Al Musafir, the Deputy CEO of Oman Arab Bank said, “We at OAB and Al Yusr are honoured to have sponsored the inaugural Salalah International Forum on Islamic Finance. The event was extremely well organised and proved to be an ideal platform on which to engage key decision makers, organisations, and banks, in sharing their knowledge and expertise in order to drive the Islamic Finance forward in the Sultanate. The forum facilitated rich discussions and I am confident that the outcome will further strengthen the industry and give it the necessary boost it requires to take it to the next level.”

The forum, which took place from August 20 to 24 at the Salalah Rotana Resort, was held under the patronage of HE Sayyed Mohammed bin Sultan Al-Busaidi, Minister of State and Governor of Dhofar. The opening ceremony was also attended by HE Hamood bin Sanjour Al Zadjali, the Executive President of the Central Bank of Oman, together with several central bank governors from neighbouring GCC countries as well as executive heads of various banks and Islamic banking partners in the Gulf, and Islamic Finance Institutes. Representing Al Yusr at the event were Rashad Ali Al Musafir, Deputy CEO and Dr. Khalifa Al-Ghammari, General Manager of Al Yusr Islamic Banking. The opening ceremony concluded with the honouring of all sponsors, including Al Yusr, with a token of appreciation on behalf of the organisers.

The five-day event was split into two primary parts. The first was a two-day forum which took place on August 20 and 21, covering four key sessions titled ‘Unifying the Fatwa in Islamic Finance’, ‘Islamic Finance and Economic Development’, ‘Takaful Insurance and Re-insurance’, and ‘Legislations and Settlement of Financial Islamic Disputes’, followed by the presentation of scientific papers and a panel discussion. The two-day forum was followed by three workshops; one each per day starting from August 22 and ending on August 24. Each detailed workshop covered one key topic of interest – ‘Sukook’ on the first day, followed by ‘Takaful Insurance and Re-insurance’ and ‘Settlement of Financial Islamic Disputes’ on the second and third day respectively.

“The event was a great success with attendees appreciating the insightfulness of each topic discussed and the overall professionalism with which the forum was organised. We are truly pleased to have sponsored an event of this calibre and commend the organisers for a job well done. I am confident that the resolutions discussed at this forum will pave the way for a sustainable and prosperous future for Islamic finance in the Sultanate,” added Dr. Khalifa.

Al Yusr is the Islamic window of OAB. Established in 2013, the Islamic banking window provides services via seven branches; two in the Muscat Governorate (Athaiba and Wattaya), and others in Salalah, Nizwa, Falaj al-Qabail, Ibra and Al-Buraimi. Al Yusr customers also have access to 152 OAB ATM’s located across Oman. Al Yusr Islamic Banking provides its retail and corporate customers as well as investors’ a wide range of shari’ah compliant products and services.