Muscat: As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic, recently signed a Memorandum of Understanding (MoU) with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The primary goal is to reinforce collaboration in capacity building within ahli Islamic and foster the growth of the Islamic finance sector in the Sultanate of Oman. The signing ceremony occurred concurrently with the AAOIFI-IsDB 18th Annual Islamic Banking and Finance Conference.

The signing occurred on the second day of the Conference, graced by His Excellency Sheikh Ebrahim bin Khalifa Al Khalifa, Chairman of AAOIFI’s Board of Trustees, alongside members of ahli Islamic’s Shari’a Supervisory Board. Yousuf Al Rawahi, DGM – Head of ahli Islamic, signed the MoU, solidifying the commitment to advancing Islamic banking in Oman.

This unique MoU aims to synergize the expertise of ahli Islamic and AAOIFI, by way of collaboration that involves a series of technical and professional activities intended to fortify the development of Islamic banking and subsequently, the economy.

Commenting on the signing of the MoU, Dr. Mohammed Taher Al Ibrahim, Chairman of Shari’a Supervisory Board at ahli Islamic, said, “The Islamic finance industry greatly values the role of AAOIFI in developing and progressing the standards of global Islamic finance. It acknowledges the contributions made towards the professional development of Islamic finance. This MoU reflects ahli Islamic’s commitment to collaborate with AAOIFI within their respective domains for the mutual benefit of both institutions and their stakeholders.”

Yousuf Al Rawahi, AGM – Head of ahli Islamic, views the MoU signing as a significant milestone for the Bank. He said, “We are delighted to enter this noteworthy partnership with AAOIFI. The advancement of professional capabilities and the expansion of Islamic banking in Oman are crucial in our current landscape. We are confident that our collaboration will make a positive impact on the Islamic banking sector in the Sultanate.” 

It is important to note that the MoU encompasses collaboration in various areas such as research, events, and ongoing advancements. It facilitates a meaningful exchange of information and discussions addressing pertinent issues within the Islamic finance industry in Oman.