In keeping with the ongoing efforts prior to the introduction of Islamic finance in Oman, Amjaad Development has organised the Oman Islamic Economic Forum 2011 on December 17 and 18.

The event will be held at Al Bustan Palace Ritz Carlton Hotel and see 680 participants, including local and global organisations related to the field.

Several high profile speakers are on the agenda, including Tun Abdullah bin Haji Ahmad Badawi, ex-prime minister of Malaysia, who is known for promoting economic and technological development through Islam. “As we’re starting Islamic banking in Oman, we want to bring experts from overseas to share their knowledge,” said Khalid al Yahmadi, chairman of Amjaad Development. “The forum will provide awareness, training and education about Islamic finance and the structuring of Islamic products. We have support of the Fatwa Office at the Ministry of Awqaf and Religious Affairs, which was important for credibility.”

Bank Nizwa, Oman’s first Islamic bank, will be supporting the event as strategic partner. “We have entered a partnership with Amjaad Development because we believe that our commitment to Sharia-based financial services and their professionalism will make the forum a success, create awareness on Islamic finance in Oman, showcase our country’s potential and lead to new trends in Islamic banking,” said Ahmed Saif al Rawahi, chairman of the founding committee of Bank Nizwa, in a press release.

On the agenda will be topics such as best practices in Islamic finance, the positive effect Islamic finance can have on Oman’s and the global economy, the Malaysian experience in Islamic finance, as well as opportunities for Omani companies and key players to network with foreign stakeholders. “We’d like to focus on all the elements and strengths of the Islamic economic system. In order to have a proper and fully compliant Islamic banking system, one should consider all relevant aspects of the Islamic economy,” Khalid said.

A highlight of the event will be the announcement of the annual Global Islamic Finance Awards, which honours institutions and individuals for promoting and developing the Islamic finance market regionally and internationally.