Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, has signed a Memorandum of Understanding (MoU) with the Siraj Education Endowment Foundation, reaffirming its commitment to advancing the Islamic economy and strengthening the Waqf ecosystem. This partnership marks an important milestone in institutional collaboration aimed at developing and managing Waqf-based initiatives, particularly those dedicated to supporting education.
The MoU establishes a strategic link between Islamic banking and the Waqf sector, enabling the development of innovative, Sharia-compliant financial solutions that support long-term social impact. Under the agreement, Bank Nizwa will provide comprehensive technical and logistical support to the Siraj Education Endowment Foundation, contributing to the structuring, establishment, and operation of Waqf and investment projects aligned with the Foundation’s strategic objectives.
The collaboration also focuses on enhancing fundraising mechanisms and improving the efficiency and sustainability of resource management. Bank Nizwa will work closely with the Foundation to design tailored financial models that meet its operational requirements, while ensuring full compliance with Islamic Sharia principles as well as applicable legal and regulatory frameworks.
Commenting on the signing of the agreement, Mr. Khalid Al Kayed, Chief Executive Officer of Bank Nizwa, highlighted the importance of Waqf institutions in Islamic finance, noting their ability to generate long-term value beyond financial returns. He emphasized that Bank Nizwa’s role as a strategic enabler is centered on partnering with institutions that contribute to national priorities and societal development through well-structured, Sharia-compliant financial solutions that enhance transparency, institutional resilience, and sustainable outcomes.
Capacity building forms a core pillar of the partnership, with Bank Nizwa supporting the professional development of staff at the Siraj Education Endowment Foundation. This includes strengthening technical expertise and institutional capabilities necessary for the effective and responsible management of Waqf assets, reflecting a shared commitment to sound governance and sustainable growth.
The partnership also includes the integration of the Siraj Education Endowment Foundation’s donation platforms with Bank Nizwa’s banking systems. This integration will enhance the efficiency, security, and transparency of financial flows, enabling smoother donation processes, improved operational oversight, and increased confidence across the endowment ecosystem.
Through this strategic collaboration, Bank Nizwa continues to reinforce its role in developing a more structured and resilient Waqf ecosystem in the Sultanate of Oman. By leveraging its expertise in Islamic finance, the bank aims to support education-focused endowment initiatives that deliver sustainable social impact and contribute to long-term national development objectives in line with Oman Vision 2040.