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Oman finalises Islamic Banking rules

Oman finalises Islamic Banking rules

Gulf News

Muscat: The regulatory framework for Islamic Banking has been finalised, Hamoud Bin Sangour Al Zedjali, executive president of the Central Bank of Oman (CBO), announced while addressing delegates at the two-day Oman Investment Forum 2012, which ended on Tuesday.

He added that amendments to the Banking Law — a prerequisite for the rollout of Islamic Banking services in the Sultanate — are currently under way. Two new local banks, Bank Nizwa and Al Izz Islamic Bank, have been granted initial approvals while almost all local banks have evinced interest in establishing windows for practicing Islamic banking, Al Zedjali said.