Alizz Islamic Bank Partners with ITFC to Enhance Shari’a Compliant Trade Financing in Oman

The agreement was formally signed by Mr. Ali Al Mani, CEO of Alizz Islamic Bank, and Eng. Hani Salem Sonbol, CEO of ITFC, during a ceremony attended by senior officials from both organizations.

Alizz Islamic Bank has reinforced its position as a leading Islamic wholesale banking institution in Oman by signing a groundbreaking agreement with the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org). This collaboration aims to provide Shari’a compliant financing solutions, further demonstrating the bank's commitment to delivering innovative and ethical financial services in accordance with Islamic principles.

Pioneering Shari’a Compliant Financial Services in Oman

The agreement was formally signed by Mr. Ali Al Mani, CEO of Alizz Islamic Bank, and Eng. Hani Salem Sonbol, CEO of ITFC, during a ceremony attended by senior officials from both organizations. This partnership marks a significant milestone as it represents the first collaboration of its kind in Oman, positioning Alizz Islamic Bank at the forefront of advancing Shari’a compliant financial services in the region.

In his remarks regarding the agreement, Mr. Ali Al Mani expressed enthusiasm about the partnership: “We are delighted to be the first bank in Oman to collaborate with the ITFC. Partnering with innovative and leading organizations in their respective fields is a vital component of our strategy. We take pride in pioneering trade financing solutions that align with our customers’ needs. This strategic alliance will enhance our trade solutions and correspondent network, allowing us to offer competitive pricing on working capital financing.”

Strengthening Support for SMEs and Economic Growth

Eng. Hani Salem Sonbol echoed Mr. Al Mani’s sentiments, stating, “We are pleased with our partnership and strategic relationship with Alizz Islamic Bank. This collaboration is set to play a pivotal role in advancing Shari’a compliant financial services in the country. Through this agreement, we aim to strengthen the private sector's role in the economy, particularly by enhancing access to finance for small and medium-sized enterprises (SMEs). Supporting SMEs is a core pillar of the ITFC's mission, and we are confident that this partnership will help drive economic growth, create job opportunities, and foster sustainable development in Oman.”

A Focus on Ethical Financing and Sustainable Development

This partnership reflects a broader commitment to promoting sustainable economic development in Oman. By providing SMEs with access to Shari’a compliant financing, the agreement aims to empower local businesses, stimulate job creation, and contribute to the overall growth of the Omani economy.

The collaboration is expected to open new avenues for trade finance, enabling Alizz Islamic Bank to leverage ITFC’s expertise in Islamic trade finance and risk management. The bank plans to utilize these resources to enhance its service offerings, ensuring that its customers receive the best possible financial solutions tailored to their specific needs.

As Oman continues to develop its financial landscape, the collaboration between Alizz Islamic Bank and ITFC signifies a promising step towards a more inclusive and diversified economy. By focusing on ethical financing and supporting SMEs, both institutions are poised to make a meaningful impact on the economic fabric of Oman, helping to pave the way for a sustainable and prosperous future. 4o mini  You said: