MUSCAT - Oman’s Al Izz International Bank, a lender under formation in the Gulf Arab state, has been given a licence to operate as an Islamic bank, following a decision to open the country’s doors to the fast-growing industry, a central bank official said.
Ali Hamdan Al Raisi, vice-president of Oman’s central bank, said that the bank, also known as Bank Al Izz, is one of the two financial institutions that has been granted approval from the central bank to open as a fully-fledged Islamic institution.
The central bank granted the first licence to lender Bank Nizwa in May, following Oman’s decision to embrace Islamic finance as a way to keep sharia-compliant investment funds within its borders.
“They (the banks) might open in one or two years, it takes some time for them to establish,” Raisi said. “They are in the process of being established and will become operational as soon as formalities such as regulatory requirements, raising of capital and constitution of management are met.”
Bank Nizwa may begin operations by early 2012, the sultanate’s central bank governor told a local newspaper earlier this month. Oman is the only Gulf Arab state which until now has not set up a bank specifically offering products and services complying with Islamic law
Khaleej Times
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