Reinforcing its commitment to advancing the Awqaf sector, Sohar Islamic - the Islamic banking window of Sohar International, signed a strategic Memorandum of Understanding (MoU) with Yayasan Waqaf Malaysia in Kuala Lumpur, in cooperation with Bousher Endowment Foundation. The MoU marks the beginning of a strategic collaboration designed to strengthen institutional cooperation between Oman and Malaysia in the Awqaf sector.
Commenting on the signing, Fahad Al Zadjali, Chief Islamic Banking Officer at Sohar Islamic said, "Waqf has historically served as a durable mechanism for channelling endowed wealth towards enduring social benefit. Fulfilling that purpose depends on preserving endowed assets and managing them responsibly so that their intended benefit can be sustained over time. This places effective stewardship at the heart of Awqaf development and highlights the contribution Islamic financial institutions can make to that process. The MoU reflects this direction by establishing a shared framework for action between Sohar Islamic and Yayasan Waqaf Malaysia, with the cooperation of Bousher Endowment Foundation. For Sohar Islamic, the partnership provides an opportunity to apply its Islamic banking capabilities to practical initiatives that can strengthen the Awqaf ecosystem and create lasting value."
Dr. Ridzwan bin Bakar, Chief Executive Officer of Yayasan Waqaf Malaysia, added: "The bilateral relations between Malaysia and Oman date back more than a thousand years, holding a deep-rooted strategic and diplomatic significance for both nations. Our collaboration with a leading banking institution like Sohar Islamic, in cooperation by the Bousher Endowment Foundation, will pave the way for exploring promising diverse investment opportunities, as well as designing innovative waqf models that align with modern economic demands. This memorandum of understanding embodies an extension of our long-standing Malaysian-Omani ties, especially after our meeting with the Ambassador of the Sultanate of Oman to Malaysia. We are highly optimistic about the value this partnership with Sohar Islamic will generate in supporting the global Islamic waqf ecosystem as Yayasan Waqaf Malaysia is a Malaysia government agency under the Prime Minister Department (Religious Affairs) Putrajaya".
Under the MoU, Sohar Islamic and Yayasan Waqaf Malaysia will cooperate on waqf investment and financing initiatives based on equality and mutual benefit. The parties will explore investment opportunities in both countries while also considering innovative waqf financing models. They will also exchange expertise and experience in the field of waqf, with a focus on property development and investment in Oman and Malaysia. Activities pursued under the MoU will be structured in accordance with the applicable laws, regulations, and policies of the respective jurisdictions and within the mandates and available resources of each institution.
The memorandum of understanding also provides for the exchange of experience relating to waqf laws, regulations, research, and studies, alongside established practices in governance, management, and administration. Cooperation may extend to joint research, publications, and other knowledge-sharing activities, allowing the parties to compare institutional approaches, identify practices that may be adapted across jurisdictions, and build a stronger evidence base for future programs.
To support implementation, Sohar Islamic and Yayasan Waqaf Malaysia will establish a Joint Committee to guide areas of cooperation and oversee jointly identified activities. The committee may form specialized subcommittees or working groups where required, while designated focal points from both institutions will facilitate coordination and monitor progress. The framework additionally provides for capacity-building programs, seminars, conferences, workshops, and training activities, helping translate institutional knowledge into stronger capabilities across the Awqaf sector.
The collaboration also reflects Sohar Islamic’s commitment to building purposeful international relationships through which specialized knowledge and institutional cooperation can support sector development. The MoU gives that commitment practical direction and provides a clear basis for sustained engagement in the Awqaf sector.
