Business | Banking
Strong uptake of Islamic banking services in Oman
Conventional institutions making changes
- Staff Report
- Published: 00:00 August 28, 2011
Muscat: Oman's authorities are predicting a robust demand for Islamic banking services, judging by the energetic efforts of local banks to add Sharia-compliant banking products to their portfolio of services.
According to a senior official of the Central Bank of Oman (CBO), conventional banks are moving frenetically in a bid to be among the first to hit the market with Islamic banking services. It follows the announcement by Oman's government in May this year opening the banking sector to Sharia-compliant financial services for the first time.
Ali Hamdan Al Raisi, vice president, said two new banks have already been granted licences to provide Islamic financial services. Bank Nizwa is set to be the nation's first full-fledged Islamic bank when it launches within a year.
New licensee Bank Al Izz, which was initially granted a conventional banking licence, has decided to follow suit and provide Islamic banking services instead.
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