As part of its on-going commitment to support the growth of the local community, Sohar Islamic – Sohar International’s Islamic Banking window sponsored and participated in a seminar organised by the Rustaq General Waqf Foundation held on 21st October 2019 in Wilayat Rustaq. The sponsorship was in line with the recently signed Memorandum of Understanding (MoU) with the Ministry of Endowments and Religious Affairs for providing innovative, smart, and convenient solutions in its various endowment sectors.

Held in the patronage of His Excellency Abdullah Nasser Al Harrasi, Chairman of the Public Authority for Radio & Television, the seminar focused on induction of the Rustaq General Waqf Foundation to various stakeholders present at the gathering. Representing Sohar Islamic at the event were, Mr. Ahmed Al Musalmi, Chief Executive Officer of Sohar International, and Mr. Abdul Wahid Al Murshidi, Chief Islamic Banking Officer, Sohar Islamic alongside other members of the Bank’s executive and senior management. The seminar saw knowledge sessions including keynotes, presentations, panel discussions and the launch of the Rustaq General Waqf Foundation logo. The event culminated with an awards ceremony felicitating speakers, supporting institutions and a number of individuals. Representing Sohar International, Mr. Abdul Wahid Al Murshidi received a token of appreciation for the bank’s support of this seminar.

Explaining the significance of the sponsored event, Mr Ahmed Al Musalmi, Chief Executive Officer of Sohar International, stated: "In line with our purpose of enabling customers, communities, and people to win, we continue to seek opportunities of strategic partnerships and collaborations that would enable us to do just that. The sponsorship of such events and the collaboration between the Sohar Islamic and the Ministry of Endowments and Religious Affairs in order to meet their development needs and stride towards facilitating the development of Islamic social finance are key initiatives that would further contribute to the local economy and in line with government efforts. This is a sector with huge prospects, and we would be happy to continue to work with the Ministry to optimally harness the potentials of the sector. Public Waqf is a well suited solution for building resilience through institutions and infrastructure, and could be a dependable source for funding the government’s initiative for sustainable development objectives and the overall betterment of society.”

Mr. Abdul Wahid Al Murshidi who presented a paper on the endowment investment and its effect on communities in the seminar, commented, ”At Sohar Islamic, we aim to support governments and communities to meet a range of their development needs and stride towards facilitating the development of Islamic social finance. As the Ministry’s financial and strategic partner, our aim is to offer innovative and flexible Sharia-compliant financial solutions to their endowment needs. This sponsorship also stems from the same partnership as we aim to complements their efforts in shining light on the benefits and privileges associated with the Rustaq General Waqf Foundation. This is an additional step towards the Ministry’s effort in providing the best services with optimal investment to meet public expectation.”

Islamic Awqaf (endowments) are a significant component of Islamic social finance, which attract attention of development partners as a tool for harnessing resources to address poverty, promote economic inclusion, and foster social development.

In 2017, the Ministry of Endowments and Religious Affairs launched the project of charitable endowment institutions. The project comes within the framework of an integrated vision as well legal and administrative legislative system resulting from the work of Ministry of Endowments for nearly 20 years, beside a closer look to similar external experiences. The project aims to involve the charitable society and its effectiveness through the endowments institutions by providing a new vision for endowments and zakat commensurate with the current time and people`s needs. Also it will provide an innovative idea for charitable institutions to distribute their available resources in order to achieve community development.

Recently, Sohar Islamic has signed Memorandum of Understanding (MoU) with the Ministry of Endowments and Religious Affairs. Following the agreement, Sohar Islamic, the financial and strategic partner will provide innovate smart and easy solutions to the ministry in its various endowment sectors.