Sohar Islamic enters into strategic alliance with IIRA to advance Islamic banking excellence

Zawya

23-04-2025

Muscat: As part of its steadfast commitment to fostering sustainable growth and driving excellence within the Islamic financial landscape, Sohar Islamic, the Islamic banking window of Sohar International, has signed a Memorandum of Understanding (MoU) with the Islamic International Rating Agency (IIRA). The collaboration underscores the bank's proactive approach to aligning with global benchmarks in governance, while further enhancing the frameworks that underpin transparency and Sharia-compliant banking practices. The MoU was signed by Mr. Fahad Akbar Al Zadjali, Head of Islamic Banking, marking a significant milestone in Sohar Islamic's ongoing journey toward building a future-ready Islamic banking ecosystem.
Commenting on the development, Mr. Fahad Akbar Al Zadjali, Head of Islamic Banking, stated, 'Islamic finance continues to gain traction, reflecting a growing appreciation for value-based, principled financial models. In this evolving landscape, it becomes imperative for institutions to ensure that every layer of operations—whether structural, procedural, or strategic—remains anchored in uncompromising integrity, rigorous oversight, and enduring authenticity. At Sohar Islamic, this extends beyond a regulatory imperative; it represents a core ethos that defines who we are and how we operate. Partnering with a distinguished institution such as IIRA represents a deliberate and forward-thinking step. Their deep specialization in analytical ratings and assessments offers a refined perspective that will enhance our internal frameworks, enabling us to deepen stakeholder trust, sharpen performance metrics, and create measurable long-term value. This collaboration also serves as a platform for knowledge exchange, enabling us to benchmark against best practices and pursue ever-higher standards as we continue to shape the future of Islamic finance.'
IIRA plays a vital role in fostering financial stability and stakeholder confidence within Islamic financial institutions. By offering independent ratings, evaluations, and research services tailored to Sharia-compliant entities, IIRA bridges the gap between market expectations and institutional conduct, reinforcing industry-wide discipline, elevating transparency, and bolstering investor assurance.
Sohar Islamic's alignment with IIRA underscores the bank's commitment to enhancing institutional resilience and long-term sustainability. Over the years, the bank has introduced a series of initiatives designed to strengthen its Islamic banking proposition—from product innovation and customer-centricity to the integration of robust governance frameworks. Through this partnership, Sohar Islamic aims to further deepen its market position by adopting data-driven assessments and embracing prudent risk management practices, ensuring closer synergy with globally recognized Islamic finance norms.
The MoU with IIRA also reaffirms Sohar Islamic's dedication to contributing to Oman's national objectives, particularly in building a resilient and diversified financial sector rooted in ethical finance. As Islamic banking evolves to meet the needs of a new generation of clients and investors, the bank remains focused on cultivating purposeful collaborations that deliver lasting socio-economic value.
About Sohar International
With the vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International operates with a purpose to help people 'win' by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery. The Bank seeks to redefine banking in Oman through transformational developments centred on the principles of More Velocity, making everything simple and fast; More Value, ensuring relevance and connectivity to customers' world; and More Vision, liberating stakeholders through talented leadership. www.soharinternational.com