Forum highlights Islamic banks’ role

MUSCAT: Sultan Qaboos University (SQU), represented by the Department of Islamic Sciences at the College of Education, organised on Sunday the first Islamic Finance Forum, highlighting the role of Islamic banks in the Sultanate. The opening ceremony was held under the auspices of Shaikh Nasser bin Hilal al Maawali, Chairman of the State Financial and Administrative Audit Institution (SFAAI).
The forum discussed the importance of Islamic finance in achieving economic and social development away from the risks faced by traditional financial markets that have emerged prominently in the global financial crisis. The aim of the forum was to provide a brief description of the characteristics of Islamic banking, its origin in the Sultanate and its role in serving the national economy.
The forum reviewed the future growth opportunities of Islamic banking in the Sultanate through the statistics provided by the Central Bank of Oman and the statement of social responsibility that the Islamic banks in the Sultanate should strive to achieve, which benefit the general public of all members of society and provide the banking sector with expertise and economic competencies.
The forum included a number of working papers, such as ‘The characteristics of Islamic banking, its origin in the Sultanate and its Role in Serving the National Economy’, ‘Forms of finance, investment and banking services in Islamic banks’, ‘Shari’s supervision in Islamic banks and their role in controlling the work of Islamic banker’, ‘Opportunities for the future growth of Islamic banking in the Sultanate’, and ‘Social responsibility of Islamic banks in the Sultanate.’ — ONA