Bank Sohar is firmly positioned itself on the leading edge of Oman's emerging Islamic banking industry by sponsoring the 1st Muscat International Islamic Financial Forum 2012 (MIIFF). The high-profile two-day event, featuring a distinguished roster of international luminaries, opened at Al Bustan Palace - A Ritz Carlton Hotel yesterday. As Platinum Sponsor, Bank Sohar has affirmed its aspirations to transform itself into a high-profile player on the Islamic Banking landscape ahead of the introduction of shariah-compliant financial services in Oman. MIIFF 2012, with its prestigious line-up of top-notch presenters and its authoritative agenda, has provided Bank Sohar with an outstanding platform to showcase its ambitions in this regard. Organised by Amanie Advisory House, a specialist financial advisory firm active globally in the field of Islamic Finance, MIIFF 2012 has been billed as the most highly regarded Islamic Banking conference to be held in the Sultanate. Presiding over the opening was His Highness Sayid Assad bin Tareq al Said, Representative of His Majesty the Sultan. Dr Mahathir Mohammed, former Prime Minister of Malaysia, headlined the event as keynote speaker. Dr Mohamed Abdulaziz Kalmoor, CEO, Bank Sohar , led a high-level management team at the inaugural ceremony. Underscoring the Bank's rapidly evolving leadership position in the field of Islamic financial services, the head of Bank Sohar 's Islamic Banking Division, was invited to participate in a key panel discussion during the first day's proceedings. Mohammed Haris, AGM- Islamic Banking, Bank Sohar , was part of a panel of illustrious experts, who deliberated on the theme, 'Assessing the Asset -- Liability of Islamic Banks: The Issue of Islamic Liquidity'. Commenting on Bank Sohar leading sponsorship of the first Islamic Banking Forum to be held in Oman, Dr Kalmoor, CEO, said; "Our support of this premier forum on Islamic Banking demonstrates our commitment to playing a pivotal role in the provision of a truly distinctive range of shariah-compliant products and services to our customers. At Bank Sohar , we are well-positioned to capitalise on our unrivalled understanding of Islamic financial services, as well as our superior service delivery channels, to provide our customers with a rewarding Islamic Banking experience." For Bank Sohar , the forum provided a unique opportunity to demonstrate its commitment to offering authentic shariah-based banking solutions to customers in the Sultanate. The Bank has already made impressive headway in preparing for the rollout of Islamic Banking services via a dedicated Islamic Window. Through its partnership with Dar Al Sharia, a reputed advisory services consultancy, Bank Sohar has put in place processes and systems designed to ensure the delivery of innovative products and services that are fully in accordance with shariah tenets and well as local regulatory requirements. Dar Al Sharia has also been tasked with providing Bank Sohar staff with the requisite training and guidance in catering to the needs of Islamic Banking customers. At the same time, Bank Sohar has signed an agreement with PATH Solutions, a global provider of software solutions to the Islamic financial services industry, to assist the Bank in extending Islamic Banking services in Oman. PATH is deploying an end-to-end AAOIFI-certified Islamic Banking solution known as iMAL. As a flexible and scalable banking platform, iMAL will help drive new business models around Shariah principles, thereby enabling Bank Sohar to achieve and maintain a competitive edge in the Islamic financial services market. As one of the youngest and most modern banking institutions, Bank Sohar is also leveraging its state-of-the-art IT infrastructure to provide customers with a convenient and efficient Islamic Banking solution through its extensive range of delivery channels. These channels include the bank branches, ATMs, eBanking and SMS services, and Payment and Settlement Systems. Oman Daily Observer
