Oman’s new Islamic bank opens for business

Islamic banking services could make up to 20 per cent of the country’s overall financial services sector in the future, according to a senior banker.

“It will enhance the value contribution of the banking sector to the Sultanate’s GDP and create further employment opportunities for Omani jobseekers,” said Hamoud Bin Sangour Al Zadjali, executive president of the Central Bank of Oman, at the opening of a new Islamic financial entity, ‘alizz Islamic Bank’ and only the country’s second such. “No doubt, the establishment will enhance the opportunities of funding various businesses projects, especially small and medium enterprises.”

The new bank’s deposit products include a current account based on the concept of ‘Qard-Hassan’, allowing customers instant access to their money in multiple currencies, using their international debit card. Customers can avail of a Mudaraba-based savings account and term investment deposit. It is the first fully-fledged Islamic bank in the country to offer Sharia-compliant titanium and platinum credit cards.

(Gulf.News.Com / 04 Oct 2013)

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