In a significant step that underscores its dedication to promoting Sharia-compliant investments in the nation, the Board of Directors of the Ishraq Waqf Investment Fund, has announced the extension of the subscription period for the Initial Public Offering (IPO).

Interested individuals and institutional investors can now participate in the landmark Sharia-compliant IPO until 30^th January, 2025. The fund was established through a partnership between the Ministry of Endowments and Religious Affairs, the Sultan Qaboos Higher Centre for Culture and Science, and Bank Nizwa, in collaboration with the Oman National Investments Development Company (Tanmia) as the fund’s investment manager.

The Ishraq Waqf Investment Fund represents an innovative initiative within the nation’s financial landscape, aiming to create Sharia-compliant investment opportunities while fostering a shared sense of responsibility towards community development among individuals and organizations alike. Bank Nizwa participates as the issuing manager and the collecting bank, while offering valuable financial expertise and leveraging its esteemed position as a trusted leader in Islamic finance.  Participation in the subscription is available through Bank Nizwa’s app and its branches spread across the Sultanate. Additionally, Oman National Investments Development Company (Tanmia) has been appointed as the investment manager, a company with extensive experience in the financial investment sector, operating under the umbrella of the Oman Investment Authority.

Individuals can subscribe with a minimum investment of OMR 500, while companies can invest with a minimum of OMR 5,000. The cost of one unit is 1 Omani Rial, with a nominal fee of 20 baisas per unit applied to all subscriptions, ensuring transparency and simplicity for all investors.

The fund offers three distinct participation options: the Perpetual Endower, who chooses to dedicate their funds as permanent endowments for charitable purposes, with returns allocated to specific causes such as mosques, the needy, or orphans, or to the general charity endowment under the supervision of the Ministry of Endowments and Religious Affairs. The Temporary Endower who chooses to dedicate their funds for a specific period and allocates the returns to purposes they specify at the time of subscription. And Investor Subscribers who subscribe with the aim of generating financial returns through the fund’s investments. These options ensure that participants can choose the form of involvement that best aligns with their values and objectives, while contributing to the fund’s broader impact on community welfare.

Bank Nizwa’s prominent role in positioning waqf as a transformative tool for community empowerment underscores its commitment to advancing the objectives of Oman Vision 2040. This initiative aligns with the bank’s ongoing dedication to delivering exceptional value to its customers through impactful Sharia-compliant solutions and Islamic financial instruments, reinforcing its leadership in the sector, and building a bright and sustainable future both socially and economically.