Pact signed to support Waqf investments in Oman

Bank Nizwa has signed a Memorandum of Understanding (MoU) with Imam Jabir Bin Zaid Waqf Foundation, to spearhead the foundation’s efforts to promote raising awareness and funds related to Islamic Waqf and its impact related to humanitarian causes and the wellbeing of society at large. The agreement was signed by Saif al Rawahi, Assistant General Manager Investment & Government Banking, Treasury and Project Finance and Ahmed al Rashdi, CEO of Imam Jabir Bin Zaid Waqf Foundation.
The partnership is in line with Bank Nizwa’s endeavours to support Islamic Awqaf (endowments), which is considered one of the most effective Shari’a-compliant tools to build and develop sustainable projects that serve key sectors in the economy. In addition, Bank Nizwa supported the foundation by sponsoring its ‘Endowment Provisions’ workshop, which was moderated by Shaikh Aflah al Khalili, with participation of the local community in Nizwa. The workshop covered key topics including definition of Waqf, its types, pillars, alongside its importance and impact.
Saif al Rawahi commented, “We are firm supporters of all entities that work tirelessly for the benefit of society and for the greater good of humanity. Our partnership with the Imam Jabir Bin Zaid Waqf Foundation will with no doubt serve the Islamic knowledge, raise awareness about the importance of Waqf in supporting humanitarian causes through the investment of Waqf assets and having a trust-worthy organisation managing the proper spending of their returns.”
Ahmed al Rashdi, CEO of Imam Jabir Bin Zaid Waqf Foundation said, “We would like to thank Bank Nizwa for their support of the foundation and its vision for Oman. This collaboration is not only about sponsoring the workshop, but also a partnership that we value in order to promote Waqf and Islamic values in general in our communities. In addition, we are encouraging all public and private sector entities and individuals to invest in Waqf assets, whether in real estate, manufacturing, trade, agriculture or other areas that are in line with Islamic Shari’a principles of Waqf and realise the associated benefits in the long run.” The Imam Jabir Bin Zaid Waqf Foundation was established by His Eminence Shaikh Ahmed bin Hamad al Khalili, the Grand Mufti of Oman for all individuals in society to play their part and contribute to its wellbeing and social responsibility through Waqf investments and contributions from all levels of society. His Eminence Al-Khalili has assigned the management of the foundation to honourable personalities and designated specialised members with long diverse expertise for its first board of directors who has the know-how required for success.