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Tuesday, 23 October 2012

Oman: Call to find new ways to collect and utilise endowments in co-operation with Islamic banks

MUSCAT — Shaikh Abdullah bin Mohammad al Salmy, Minister of Awqaf and Religious Affairs, stressed the need to find new ways to utilise endowments as a means of investment to help ensure the biggest proportion of dividend. Endowments should not merely be treated as old-fashioned formulas, but as active tools that can provide wider grounds for investment provided the legal aspects of Sharia are respected.

Speaking at a weekly meeting of the ministry, Al Salmy underscored the importance of improving and developing methods of endowment investments through scientific studies that serve this area. The minister urged all to take advantage of Islamic banks in the Sultanate to find new sources of funding that are consistent with the Islamic law and open partnerships with other government agencies to develop endowments in the interest of all.

Al Salmy also stressed the need to use modern technologies that serve endowments and financial offerings like Zakat, Sadaqah (alms) and charity and make these accessible and easy for everyone who wishes to donate in co-operation with Islamic banks. Organised work in this direction will help maximise the potential of endowments and charity and this will play a significant role in serving the community at large, Al Salmy added.

Sulaiman bin Hamad al Harthy, Director-General of Methaq Islamic banking at bank muscat, made a presentation on aspects of co-operation with Islamic banks and their role in serving the community and facilitating ways of doing goodness. Dr Abdulrahman bin Sulaiman al Salmi, Editor-in-Chief of Tafahim (understanding) magazine, made another presentation on strategic plans for the work of the ministry.

The plan seeks to assess the progress of the work of the ministry, revise the methodology applied and the system in place in all areas with a view to upgrading managerial and technical performance and developing professional standards to improve current and future works.

A third presentation on the topic was made by Dr Mohammad bin Said al Maamary, Adviser at the Office of the Minister of Awqaf and Religious Affairs, who spoke about the “Exhibtion on Religious Tolerance in Oman”, which arrived at its twenty-second station in Europe. The presentation reviewed the exposition’s progress, its objectives, contents and achievements.

(Oman Daily Observer / 23 Oct 2012)

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