Bank Nizwa, the first Islamic bank in Oman, said it has signed a MoU with Capitas Group International (CGI), a leading management firm specialising in Shari’a compliant finance, to develop specialised Islamic financial services.

As per the MoU, both firms will collaborate to create specialised financial platforms in the Sultanate by tapping into their combined skills and resources, brought forth by the alliance.
 
CGI is a Jeddah-based company formed in partnership with the Islamic Development Bank’s private sector arm, the Islamic Corporation for Development of the Private Sector (ICD).

The company establishes financial services businesses to fill the unmet demand for Shari’a compliant finance in OIC member countries.
Commenting on the deal, CEO Dr Jamil El Jaroudi said, “This is in line with Nizwa’s efforts to elevate the financial services industry in Oman. Through this strategic partnership we will jointly develop, launch and manage financial platforms and thus promote Islamic Banking and Shari’a compliant products that benefit the customers."

With the recent Royal decree in place Islamic finance, he said, it is now a bonafide component of the Sultanate’s financial infrastructure.

"The strength of Capitas Group is based on the expertise of itsmanagement team which has extensive experience in Shari’a compliant finance. This strength is a critical component for the development of Islamic finance at this early stage in Oman," he added.

As per the agreement, Nizwa and CGI have laid down key primary goals, namely to launch a mono-line mortgage finance company and to create a housing development finance program.

Naveed Siddiqui, the CEO of CGI said, "As the first Islamic Bank in Oman, Nizwa is uniquely positioned to act on our main goals. Working with the bank’s trained staff and leveraging its sophisticated processes, CGI looks forward to deploying its expertise and assisting in the overall development of the Islamic finance sector in Oman."

"This includes leveraging the relationship with our partners, ICD," he added.

In addition to its work in Oman, CGI is active in several other OIC markets including Saudi Arabia, Morocco, and Tunisia.-TradeArabia News Service