CBO selects Islamic finance training scheme consultant

The Bank selected Islamic Finance Advisory & Assurance Services (IFAAS), the international Islamic finance consultancy, as its training supplier to design and deliver the course, entitled 'The Islamic Banking Foundation Programme'. 

IFAAS devised 'The Islamic Banking Foundation Programme' as a package to meet the specific requirements of the Central Bank.
The programme was delivered to an initial group of the Bank officers and will be rolled out to additional groups in the coming months.

IFAAS delivered the programme as an intensive, and interactive, two week course which was concluded with a formal ceremony where delegates were awarded their certificates.

Hamood bin Sangour Al Zadjali, Executive President of the Central Bank of Oman, attended the ceremony together with a delegation of senior officials from the Central Bank of Oman and Farrukh Raza, managing director, IFAAS.

A speech was delivered by Raza, highlighting the main points of focus of the training course devised for the Central Bank of Oman. He also presented the key findings of a recent report published by IFAAS report entitled 'Islamic Finance in Oman -“ Sizing the retail market'. 

The report was the result of groundbreaking, independent, market research conducted by IFAAS. It analyses the potential market for retail Islamic finance in the Sultanate and the challenges that lay ahead to realise this potential.

As a result of attending the inaugural course, delegates now have a comprehensive understanding of the fundamentals of Islamic financial principles; Islamic products and their underlying contracts, technical characteristics and applications; Islamic banking operations and the preparation and implementation of processes and procedures.