Muscat – The Arabian Stories (TAS), organisers of the event, highlighted the emphasis placed on a meticulous selection process that was designed to ensure transparency in recognizing excellence and innovation within Oman’s Islamic finance sector.

To ensure the integrity and fairness of the awards, a dedicated committee was formed to oversee the nomination process and select the winners. Comprised of esteemed experts and industry leaders, the committee conducted a thorough evaluation of all submissions, engaging in over 3.5 hours of deliberations to determine the eight deserving recipients from the shortlisted nominees.

His Highness Sayyid Dr. Adham Al Said, Assistant Professor at Sultan Qaboos University’s College of Economics and Political Science, chaired the committee that included distinguished jury members such as Dr. Siham Al Harthy, Chairman of Sama Real Estate Company and Board Member of the Oman Chamber of Commerce and Industry; Dr. Ashraf Al Nabhan, former Chairman of the Muscat Securities Market; and Dr. Ahmed Kashoub, Chairman of the Index Center for Economic and Financial Consultations.

Speaking to TAS on the sidelines of the final selection process, H.H. Sayyid Dr. Adham pointed out that the formation of a committee and the structured approach followed to assess the applications, marks a significant first in the private sector.

He described the process as an exciting journey that exposed the panel to diverse experiences within the listed categories. “The judging panel dedicated significant time to evaluate the submissions and understand the comparative advantages of different submissions. I must say that this thorough process has enriched the evaluation, ensuring both integrity and objectivity,” he stated.

According to him, this competition enriches the Omani environment for Islamic finance and highlights the opportunities that exist.

Come September 30, and the Themar Awards will felicitate awardees under eight principal categories that spotlight the finest Sharia-compliant financial services in Oman. These include:

– Best Islamic Bank

– Best Islamic Banking Window

– Best Sharia-Compliant Investment (2 categories)

– Best Takaful Financing and Insurance Companies

– Best Digital Transformation

– Best in Sustainability

– Best Startup

These awards not only celebrate the achievements of outstanding Islamic financial institutions but also aim to stimulate the sector’s development by highlighting innovative practices and contributions to the national economy.

It is pertinent to note that eligibility for the awards was open to both individuals and institutions providing Sharia-compliant investments or services, with the stipulation that institutions must have been operational for at least three years. Investment and endowment funds or programs were required to have been established for a minimum of two years, ensuring that only those with a proven track record were considered.

Through this initiative, The Arabian Stories aims to promote excellence, innovation, and sustainable progress in Islamic finance, fostering an environment that recognizes institutions committed to Sharia-compliant transactions and optimal performance. As the awards approach, anticipation builds for a celebration of the best in the industry and a renewed commitment to the values of Islamic finance.