As part of its strategic corporate social responsibility, Bank Nizwa, Oman’s first dedicated Islamic bank, is co-organizing the workshop “Dispute Resolution in Islamic Finance through Conciliation and Arbitration” in collaboration with the College of Sharia Sciences.
Organized as part of its efforts to support the national agenda of Oman 2040 Vision, the workshop aimed to empower national executives to manage and resolve disputes in the field of Islamic finance by following methods of conciliation and arbitration. Commenting on the improvement in the Islamic banking sector, Dr. Mansoor Ali Al-Qudah, Head of Shariah Department at Bank Nizwa said, “The Sultanate of Oman has witnessed remarkable development in the Islamic banking sector in recent times. , and Bank Nizwa has played a vital role in driving the growth of Islamic banking.
The bank consistently records outstanding financial results and provides Shariah-compliant products and services. However, the development of this industry has led to an increase in disputes related to Islamic finance due to the conduct of Islamic banking contracts and transactions.
Therefore, rigorous efforts should be made to qualify national cadres to explore and resolve disputes in Islamic banking following the methods of conciliation and arbitration. At Bank Nizwa, we are committed to supporting the development of the Islamic banking landscape. —Oman Time