Oman’s Bank Dhofar has selected IFS, a subsidiary of Dubai-based Mawarid Finance, as consultancy and product implementation partner for Shariah-compliant products for both corporate and individual customers of the bank, said a press statement.
The agreement was signed at Bank Dhofar by Rehab Lootah, IFS Managing Director, and Tony Mahoney, Chief Executive Officer, Bank Dhofar.
The project shall be launched in two phases, the first one shall include products for individuals and the second phase includes products for corporates and individuals.
Lootah said: “Based on the agreement IFS shall provide Bank Dhofar with products such as home finance, auto finance, saving, current and investment accounts as well as the other services related to the Shariah-compliant contracts, the role of IFS shall not be limited to providing the products, but shall include the mechanism of developing the product structure, and how to design contracts and forms that match the sharia requirements and comply with the prevailing rules and regulations of the Central Bank of Oman. Additionally, IFS shall training for the bank staff on the advanced systems of the sales and marketing.”
Lootah said: “The Islamic finance sector which witness fast growth especially after the financial crisis in 2008, during which the Islamic banks proved their stability and ability to overcome the crisis compared to the traditional banking sector".