As part of its strategic corporate social responsibility, Bank Nizwa, Oman’s first dedicated Islamic bank co-organises the ‘Settlement of Islamic Finance Disputes by Conciliation and Arbitration’ workshop in collaboration with the College of Sharia Sciences.
Organised in line with its efforts to support the national agenda of Oman 2040 Vision, the workshop aimed at empowering the national cadres to manage and resolve disputes settlement in Islamic finance by following conciliation and arbitration methods.Commenting on enhancing the Islamic banking industry, Dr Mansoor Ali Al-Qudah, Head of Sharia Department at Bank Nizwa said, “The Sultanate of Oman has witnessed a remarkable development in the Islamic banking sector in recent times, and Bank Nizwa has played a vital role in stimulating the growth of Islamic Banking.
The bank continuously records outstanding financial results and provides Sharia-compliant products and services. However, the development of this industry has led to an increase in Islamic finance disputes due to conducting Islamic banking contracts and transactions.
Therefore, rigorous efforts must be made to qualify the national cadres to explore and dissolve disputes in Islamic banking by following the methods of conciliation and arbitration. At Bank Nizwa, we are committed to supporting the development of the Islamic banking landscape. —Times of Oman
