Bank Nizwa, Tawafuq, and the College of Sharia Sciences launch professional diploma program

Zawya

18-05-2025

Muscat: In line with its commitment to advancing the Islamic finance sector, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, continues to play a strategic role in supporting national initiatives that empower Omani talent and contribute to sustainable development. Furthering this vision, Bank Nizwa has announced its support for the Professional Diploma in Waqf Leadership Preparation program, implemented by Tawafuq Islamic Financial Consultancy, in partnership with the College of Sharia Sciences as the knowledge partner, and with Bank Nizwa serving as the key banking partner. This pioneering collaboration reflects a powerful integration between knowledge-based, financial, and community welfare institutions, aimed at preparing a new generation of qualified national leaders in the Waqf sector. The initiative reinforces the sector's vital role in driving economic growth and supporting the goals of Oman Vision 2040.
This program is the first professional diploma in the Sultanate specialized in preparing leaders for the Waqf sector. It aims to develop national competencies capable of driving a qualitative transformation in endowment management by shifting from traditional approaches to an integrated institutional model that combines Islamic knowledge with best practices in administration and finance. The program focuses on empowering participants to design sustainable development strategies and establish effective oversight and governance systems, thereby strengthening their readiness to take on leadership roles in the endowment sector at both local and regional levels. In addition, it contributes to enhancing the operational efficiency of endowment institutions, enabling them to better achieve their developmental and social objectives in alignment with national priorities.
Commenting on the initiative, Mr. Khaled Al Kayed, Chief Executive Officer at Bank Nizwa, said: 'We are honoured to support this pioneering diploma program, which aims to equip future leaders with the skills and knowledge required to manage endowments effectively and in line with modern institutional standards. Our involvement reflects Bank Nizwa's ongoing collaboration with the Ministry of Endowments and Religious Affairs to help strengthen the foundation of the Waqf sector. We believe that empowering the endowment sector through institutional development is essential to achieving long-term sustainability. At Bank Nizwa, we remain deeply committed to initiatives that elevate sector performance and contribute to the national development agenda, in full alignment with the objectives of Oman Vision 2040.'
Dr. Mohammed Omar Al-Khalaf, Executive Director of Tawafuq for Islamic Financial Consultations stated: 'the launch of this program marks a significant milestone in strategic collaboration between Tawafuq, College of Sharia Sciences and Bank Nizwa. This partnership sets the stage for broader cooperation in delivering impactful initiatives in the future. The professional diploma is designed to empower and equip current and aspiring leaders in the endowment sector with the skills and knowledge required to take on senior leadership roles. This initiative also reflects the government's strategic vision, as championed by the Ministry of Endowments and Religious Affairs, to develop and modernize the endowment sector. It aligns with national priorities and the broader Sustainable Development Goals set forth in Oman Vision 2040.'
The program spans five weeks as a part-time study track and comprises 100 training hours, integrating in-person lectures, practical applications, and a hands-on graduation project. It is delivered by Dr. Mohammed Fakhri Suwaileh, an international expert in Islamic banking and endowment management. All sessions are conducted at the College of Sharia Sciences in Muscat.
The program offers a comprehensive and integrated training experience, covering a wide range of key topics such as the jurisprudential and legal foundations of endowments, contemporary approaches to endowment investment, governance and compliance frameworks, and risk management in the endowment sector. Additional areas of focus include performance measurement for endowment institutions, endowment accounting, and Sharia auditing of endowments and their investments. Moreover, the program emphasizes the development of modern leadership competencies and strategic planning skills, enhancing participants' readiness to take on leadership roles within endowment institutions and empowering them to drive sustainable impact in this vital sector.
The program targets a broad and diverse audience, including employees of the Ministry of Endowments and Religious Affairs, leaders and board members of endowment and charitable institutions, and fatwa secretaries and staff from the Office of the Grand Mufti. It also caters to professionals from Islamic banks and financial institutions, as well as academics and researchers specializing in Sharia, endowments, and law. In addition, the program is designed for entrepreneurs and initiators seeking to establish private endowments or develop endowment-based projects, as well as individuals interested in enhancing their capabilities in charitable and social work.
Bank Nizwa's support for such initiatives reflects its commitment to advancing the role of Islamic banking in community development by contributing to the growth of the Waqf sector and empowering it to fulfill its role in supporting social initiatives and creating a positive, lasting impact on people's lives.