Muscat – Dhofar Islamic – the Islamic banking window of BankDhofar – has signed a financing agreement to support and develop the Sultanate of Oman’s first underground copper mining project, marking a significant step that strengthens the mining sector’s ambitions and supports the economic diversification agenda.

Dhofar Islamic successfully arranged and facilitated Islamic financing for Mawarid Mining, the mining investment arm of Mohammed Al Barwani LLC. Dhofar Islamic acted as the Mandated Lead Arranger for the transaction, which was structured under a comprehensive Shariah-compliant framework, with the participation of Ahli Islamic – the Islamic banking window of ahlibank – as a member of the financing syndicate.

 The signatories included Amor Al Amri, Chief Islamic Banking Officer of Dhofar Islamic; Tariq Al Barwani, Managing Director of Mawarid Mining; and Zainab Al Lawati, Head of Corporate Banking at Ahli Islamic. Senior executives from Mawarid, MB Group, and both banks were also in attendance.

Commenting on the transaction, Amor Al Amri said: “As part of our continued efforts to deliver innovative, Shariah-compliant financing solutions and timely support to our customers, we are proud to partner with MB Group on this landmark project. As Oman’s only underground copper mining development, Al Ghuzayn reflects both the forward-looking vision of MB Group and the structuring capabilities of Dhofar Islamic. This project represents a significant addition to the Sultanate’s mining sector and aligns closely with Oman Vision 2040, supporting economic diversification and sustainable growth. Dhofar Islamic remains fully equipped to structure and underwrite complex transactions—whether through syndication or bilateral arrangements—under robust Shariah-compliant frameworks.”

Driven by rising global demand for copper – an essential input in energy transition technologies, infrastructure, and manufacturing – the Al Ghuzayn project is poised to deliver substantial economic and social benefits. Beyond contributing to the Sultanate’s mineral output, the development is expected to create employment for Omanis across technical and operational roles, while fostering local skills development, supplier opportunities, and community-focused initiatives.

For Mawarid Mining, the project represents a strategic investment in enhancing local value creation and strengthening the Sultanate of Oman’s position in global copper supply chains. Accordingly, securing the appropriate financing from Dhofar Islamic contributes to the smooth expansion of operations, while supporting national priorities and meeting the needs of the global mining and industrial sector.