Muscat – This landmark event, organised by Arabian Stories (TAS), gathered industry leaders, experts, and stakeholders to discuss the pivotal role of Islamic finance in promoting economic stability, and to celebrate excellence in the banking sector.

H.E. Abdulsalam Al Murshidi, President of the Oman Investment Authority, patronised the proceedings as the chief guest, highlighting the conference’s importance in advancing discussions on Islamic finance and sustainable development.

The event, powered by Bank Nizwa—the leading Islamic bank in Oman—was presented in collaboration with the Financial Services Authority (FSA), Muscat Stock Exchange, and the Oman Banks Association, with Alizz Islamic Bank serving as the main sponsor.

In the opening address, Rashid Zayid Al Ghassani, Executive Vice President for Supervision & Regulation Sector at Central Bank of Oman, highlighted the impressive growth trajectory of Islamic banking in Oman and pointed out that a regulatory framework is being developed to allow finance and leasing companies to provide services compliant with Islamic banking.

Haitham Al Salmi, CEO of Muscat Stock Exchange, delivered the keynote address, offering insights on the intersection of Islamic finance and capital markets. He made reference to the assets of Islamic banking institutions, which, he noted, had increased by 8.7 percent, while accounting for 16.5 percent of the total banking sector.

In his speech as the organising partner of the conference, Khalid Jamal Al Kayed, CEO of Bank Nizwa, highlighted the performance of the Islamic banking sector across the Gulf region, specifically within the Sultanate of Oman. He also underscored the recent regulatory and legislative developments in the sector, as well as key performance indicators.

On his part, Ali Ahmed Al Lawati, Assistant General Manager of Meethaq Corporate Banking, presented the opportunities and challenges facing the financial sector. He emphasized the critical role of Islamic finance in promoting economic stability, which, he stressed, is grounded in principles that prohibit interest (riba) and advocate for responsible investment.

The Themar Excellence Awards ceremony, which came on the heels of the speeches from experts in the industry, saw eight winners getting felicitated by the Chief Guest, H.E. Al Murshidi.

A distinguished panel of judges, led by His Highness Sayyid Dr. Adham Al Said, evaluated nominations across eight categories, to pick the following winners:
• Best In Digital Transformation – Bank Nizwa
• Best Startup – MAMUN
• Best Sharia-Compliant Investment – Al Kawthar Shariah Compliant Fund
• Best In Sustainability – Bank Nizwa
• Best Takaful Financing & Insurance Company – Takaful Oman
• Best Islamic Bank – Bank Nizwa
• Best Islamic Banking Window – Meethaq Islamic Banking
• Best Sharia-Compliant Investment – Ma’een Private Endowment Foundation

The award ceremony also saw the presentation of appreciation certificates to participants and patrons of the conference.

This was shortly followed by panel discussion on financial transactions in Oman, which was moderated by Salim Saif Al Abdali, prominent writer and economic analyst. It featured panellists comprising of Dr. Yousef Hamed Al Balushi, Founder of Smart Investment Gateway; Saif Salim Al Busaidi, CEO of Imam Jabir Bin Zaid Foundation; Talal Ali Ashraf Al Zadjali, CEO of Oman Bank Association; Issa Al Riyami, Head of Shari’a Audit & Compliance at Alizz Islamic Bank; Yasser Al Mawali, Deputy Chief Financial Officer at Alizz Islamic Bank; and Sami Bait Rashid, Assistant General Manager at Meethaq Personal Banking.

On the sidelines of the conference, Nishad Padiyarath, CEO of TAS, expressed gratitude to the Chief Guest, the lineup of inspiring speakers, the judging committee and the chairman, patrons from the banking sector, conference panellists and the attendees from diverse financial fields, for being a part of the historic event. “This has been a truly gratifying experience. Bringing together so many industry leaders under one roof to discuss Islamic financial transactions and economic stability has demonstrated our ability to deliver what we promised. In the coming days, as the outcomes of the event become a reality, we expect Themar to set a benchmark for future banking and finance events.”

To conclude the event, Mustafa Al Naabi, Deputy Manager of Shari’a Training at Bank Nizwa, led an open workshop on Shari’a standards, offering participants a deeper understanding of regulatory and compliance aspects within Islamic finance.

The Themar Islamic Banking Conference and Excellence Awards 2024 has set a new standard in the Islamic finance sector, fostering dialogue and innovation while showcasing the latest trends and recognizing exceptional contributions to the field.