Muscat : In support of national projects driving economic diversification and industrial development in the Sultanate of Oman, Ahli Islamic Bank acted as a co-financier for the first underground copper mining project in the Sultanate. This was achieved through a Sharia-compliant joint financing arrangement totaling OMR 64 million for Mawarid Mining Company LLC, aimed at developing and expanding the Ghizin-3 underground copper mining project, the first of its kind in the Sultanate. This contribution underscores Ahli Islamic Bank's pioneering role in innovating and providing Sharia-compliant financing solutions that support major industrial projects and contribute to achieving sustainable development .

The Ghizin-3 project, located in the Wilayat of Al Khabourah, represents a pivotal milestone in the Sultanate's mining sector. It is poised to open new avenues for investment in mineral resources and bolster economic development on an international scale. The project is being developed by Mawarid Mining LLC, a subsidiary of the Mohammed Al Barwani Group. Mawarid Mining boasts over twenty years of experience in the Sultanate and operates in more than 16 countries, under the leadership of Dr. Mohammed Al Barwani, reflecting its proven track record in executing complex projects within the resources sector. This acquisition is underpinned by a solid foundation, most notably a production purchase agreement with Trafigura Pte Ltd , a leading global independent commodities trading company. This agreement provides commercial support for the project, strengthens its market presence, and enhances its revenue potential.

The agreement was signed by Zainab Al Lawati, Deputy General Manager and Head of Islamic Corporate Banking at Ahli Islamic, Tariq Al Barwani, CEO of Mawared Mining Company, and Amer Al Amri, CEO of Dhofar Islamic.

Commenting on this collaboration, Ms. Zainab Al Lawati said : “At Ahli Islamic, we continue our trusted partnership in supporting the economic diversification process by providing innovative Islamic financing solutions that meet the needs of major industrial and infrastructure projects. Our participation in this joint financing represents a qualitative step that reflects our ability to structure complex deals according to best practices, opening new horizons for sustainable growth and enhancing our active contribution to achieving the objectives of the comprehensive national vision.”

This financing partnership embodies Ahli Islamic’s orientation towards supporting vital sectors with a sustainable economic impact, especially non-oil sectors, most notably the mining sector, in line with the objectives of Oman Vision 2040. It also reflects the bank’s commitment to a balanced approach that combines efficient risk management and maximizing economic value, by directing investments towards promising productive sectors .

Through this deal, Ahli Islamic reinforces its position as a leading institution in project finance and co-financing, confirming its ability to execute complex financing transactions efficiently and professionally, in line with its vision to support the national economy and achieve sustainable development in the Sultanate of Oman .

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