Muzn Islamic Banking reinforces Shari'a commitment at third Shari’a Supervisory Board meeting

Muscat: National Bank of Oman’s (NBO) Muzn Islamic Banking recently held its third Shari’a Supervisory Board (SSB) Meeting of 2024, reaffirming Muzn’s commitment to uphold Shari’a principles across its financial offerings, while reflecting its dedication to ethical and compliant Islamic banking practices.

The meeting was chaired by Mufti Dr. Muhammad Zubair Usmani, the Shari’a Supervisory Board Chairman, and included members His Highness Dr. Adham Al Said, Sheikh Dr. Abdulrahman Abdullah Al-Saadi, and Sheikh Dr. Saleh Nasser Al Kharusi, who shared their insights to guide Muzn’s operations in alignment with Shari’a standards.

Commenting on the meeting, Salima Al Marzouqi, Assistant General Manager and Chief Islamic Banking Officer, said, “The Shari’a Supervisory Board Meeting reinforces our unwavering commitment to expand Islamic finance in Oman, by working closely with our esteemed Shari’a Board members.  We spare no effort to ensure that our products and services strictly follow Shari’a guidelines, meeting both regulatory standards and the values of our customers.”

Furthermore, the Board focused on innovative Shari’a-compliant solutions to cater to customers’ needs; covering key items like reviewing the concept of Istisna financing and developing Islamic financing models exclusive for Initial Public Offerings (IPOs). The Shari’a Supervisory Board also reviewed Shari’a Compliance Reports for the designated period and expressed satisfaction with Muzn’s adherence to Shari’a standards across its product portfolio.

NBO Muzn Islamic remains dedicated to providing innovative and competitive Shari’a-compliant financial solutions.

For more information on Muzn’s range of products and services, please contact 24770001 or visit www.muzn.om.