Muscat: Continuing its efforts to contribute to social development, Bank Nizwa, the leading Islamic bank in the Sultanate, signed a Memorandum of Understanding (MoU) with Imam Jabir Bin Zaid Waqf foundation. The aim of the agreement is to support the charitable endowment shared electronic platform that was launched recently by the foundation. The initiative is in alignment with Bank Nizwa’s commitment to supporting local communities by forming effective partnerships with various institutions. 

The agreement was signed by Khalid Al Kayed, Chief Executive Officer at Bank Nizwa, and Eng. Ahmed Al Rashdi, CEO of Imam Jabir Bin Zaid Waqf Foundation. As per the agreement, the bank will support the charitable endowment platform that allows individuals and charitable individuals to directly contribute to the foundation’s projects through the platform, in addition to presenting endowment gifts to relatives and friends.

Speaking about the partnership, Khalid Al Kayed said: “We are delighted to sign this MoU with Imam Jabir Bin Zaid Waqf foundation that will strengthen our joint efforts. This agreement is one of many agreements signed between the bank and the foundation in order to raise awareness about the endowment and support the foundation’s projects. The fruitful collaborations with Imam Jabir Bin Zaid Waqf foundation and other entities reflect the bank’s endeavors toward contributing to community development.”

“Through its partnerships with various institutions from the public, private and social sector, Bank Nizwa remains at the forefront of financial institutions that aspire to add value to the people of Oman. The bank will work tirelessly in line with national objectives that seek to support the social well-being,” he further stated.

Guided by the principles of Sharia and a firm dedication to giving back to Omani society, Bank Nizwa’s efforts sought to create a sustainable and cohesive society. This comes in line with Waqf which is regarded as one of the most effective Shari’a-compliant tools to promote socially responsible activities for the greater benefits to humanity. The impactful partnership with the foundation is aimed at spreading knowledge about Waqf and its role in building a sustainable society and economy. Furthermore, to raise funds and invest in charitable humanitarian initiatives and assets that are in line with the principles of Sharia.

It is notable that Bank Nizwa signed two MoUs previously to boost the foundation’s efforts to raise awareness about Waqf and its impact on humanitarian causes and the wellbeing of the society at large. Furthermore, support the foundation in preparing reports and give technical advice in the field of IT and communication services. The bank will never cease its efforts to stimulate social development by investing in initiatives that will be beneficial for the greater good.