Ministry of Endowments and Religious Affairs, in partnership with Sultan Qaboos Higher Centre for Culture and Science, Bank Nizwa, and Oman National Investments Development Company, launched Ishraq Endowment Investment Fund on Monday.

Having initial capital of RO10mn, the fund seeks to create investment opportunities that align with Islamic sharia principles, supporting both individual and corporate financial goals while promoting shared responsibility for community welfare.

The launch event was attended by H E Dr Mohammed Said al Maamari, Minister of Endowments and Religious Affairs.

According to Dr Ahmed bin Ali al Kaabi, Chairman of Board of Directors of the fund, Ishraq aims “to enhance the developmental and investment role of the endowment sector in Oman and contribute to sustainable social and economic growth through sharia-compliant investments.”

The initiative aligns with Oman’s broader goals of empowering society and advancing sustainable development.

The fund allows participation in three ways catering to varied investment and endowment interests. A permanent endowment option allows contributors to designate their funds permanently for specific charitable causes, such as supporting mosques, orphans or other community welfare initiatives under the ministry’s supervision.

Those interested in temporary endowment can set aside funds for a specific period, directing returns towards specific goals. An investor subscriber option allows individuals and companies to seek financial returns through fund investments, with a minimum subscription of RO500 for individuals and RO5,000 for companies, plus a subscription fee of 20bz per unit.

The fund reflects the government’s commitment to bolstering Oman’s endowment sector, aiming to foster comprehensive development and drive progress at all levels of society.