Muscat – Scheduled to take place on September 16 this year, the Conference aims to delve into the latest developments within the Islamic banking and endowment investment sectors.

The announcement of the Conference was made in the presence of the ‘Board of Trustees’, which was formed to leverage the upcoming Conference. The notable members of the board include His Highness Dr. Adham bin Turki Al Said, Assistant Professor of Economics at the College of Economics and Political Science at Sultan Qaboos University, and Chairman of the Economic Committee at the Oman Chamber of Commerce and Industry; Dr. Siham Al Harthi, Member of the Board of Directors of the Oman Chamber of Commerce and Industry, Chairperson of the Tourism Committee, and CEO of Siham Development & Investment Company Dr. Ahmed Kashoub, Head of Investment Sector at Tanmia Company and Chairman of the Index Center for Economic and Financial Consultancy;  and Dr. Ashraf bin Nabhan Al Nabhani, former Chairman of the Board of Directors of the Muscat Securities Market (currently the Muscat Stock Exchange), former Chairman of the Advisory Board of the Department of Economics at Sultan Qaboos University and Chairman of the Board of Directors of Tawafuq Islamic Financial Consulting Company.

‘Themar’ seeks to enhance the structure of the Islamic banking industry, with ambitious goals to maximize the benefits from endowment and investment funds. It aims to analyze the performance of the Islamic banking sector in Oman, examining legislative frameworks and procedural aspects for sustainable development and excellence. It also focuses on enhancing investment opportunities and innovation to diversify liquidity sources and improve economic stability.

Announcing the launch of the Conference, Nishad Padiyarath, Founder and CEO of The Arabian Stories, revealed that the inaugural edition of the conference, slated for September 16, will focus on Islamic financial transactions and economic stability. The conference will highlight achievements in Islamic banking and endowment funds, aiming to ensure economic stability and sustainable growth. Evaluations will include an assessment of Oman’s Islamic banking experience, alignment with national economic indicators, and contributions to the ‘Oman 2040’ vision. Discussions will also delve into the role of Islamic banks in maintaining deposit stability and enhancing efficiency in banking operations.

Nishad Padiyarath emphasized that the Conference aims to identify investment opportunities, foster innovation, and maximize benefits from endowment funds. It also seeks to outline a forward-looking vision for both sectors in light of technological advancements and the digital revolution.

This vision, he added, will be structured around three main axes: integration in the Islamic financial sector to foster partnerships, enhancing Islamic banking services based on overall indicators and future goals, and implementing provisions to activate the developmental role of the endowment sector.

Themar Islamic Banking Excellence Awards:

The press conference also unveiled details of the Themar Islamic Banking Excellence Awards, which aims to recognize and encourage excellence, innovation, and initiatives in the Islamic finance industry. Seven categories – Best Islamic Bank, Best Islamic Banking Window, Compliant Investment Funds, Islamic Shariah Complaint Companies, Best CEO, Digital Transformation Award and Sustainability Award – have been established to honour outstanding institutions and individuals.

Speaking on the occasion, Omair bin Muhammad Al Jalandani, Business Development Manager of The Arabian Stories, threw the spotlight on the awards, which aim to bolster the Islamic finance industry and uphold its values. The awards also seek to foster sustainable economic and social growth by providing a platform for institutions engaging in Sharia-compliant transactions to excel. He explained that the awards are structured to encourage excellence, innovation, and initiatives within the industry, recognizing the efforts of distinguished institutions and individuals. The awards seek to promote the adoption of high standards of performance and proficiency, driving the application of best financial practices within the sector.

To fuel the spirit of competition, the Board of Trustees has established a set of general criteria for nomination. As per the criteria, nomination is only allowed for institutions, funds, programs, or individuals operating in the Sultanate of Oman; each nomination will be limited to one category to ensure transparency and fairness in competition. Additionally, institutions must have been operational for at least three years to ensure logical evaluation according to realistic performance indicators. The operational years is reduced to two for investment funds/programs and endowment funds.

Islamic Banks Exhibition:

Furthermore, Themar will present an exhibition platform for Islamic banks, windows, and endowment investment funds to showcase Sharia-compliant products and services. This exhibition provides an opportunity to engage with attendees and demonstrate innovation in the Islamic finance sector.

The inaugural edition of ‘Themar’ promises to be a significant event in Oman’s financial landscape, fostering collaboration, innovation, and excellence in Islamic banking and finance.