BankMuscat awarded Islamic license

  • Share via facebook
  • Tweet this
  • Bookmark and Share

BankMuscat, Oman’s biggest bank by market value, has received a license to offer Islamic products and services.

The lender will open seven Islamic windows this year operating under the brand Meethaq Islamic Banking, the firm said in a statement.

Authorities in the Gulf state have approved licenses for two Islamic banks in the last year. Al Izz International Bank was granted a license to operate as a Sharia-compliant bank in 2011 while Bank Nizwa launched its services this month.

Oman’s central bank in December adopted a strict regulatory environment for Islamic banks, setting higher standards for the industry than many other countries.

The new regulations cover areas including banks’ liquidity management, the administration of boards of Sharia scholars and the operation of conventional banks' Islamic windows. In many cases the rules appear to be considerably stricter and more detailed than regulations in other countries.

Islamic banking assets in Oman could account for up to a tenth of the total within a year of the lender’s starting services, Hilal Al Barwani, vice president of banking supervision at the central bank, said in October.

Related:
Companies

Market Performance

BankMuscat
0.512
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Coming to America

Coming to America

As Barack Obama seeks to rebalance the bloated US economy, the...

Should the Gulf introduce VAT?

Should the Gulf introduce VAT?

The GCC’s plans to bring in value-added tax were withdrawn as...

5
Why are some of the world's biggest banks leaving the UAE?

Why are some of the world's biggest banks leaving the UAE?

Large Western banks have been selling off their local assets...

2
Most Discussed
  • 16
    Nakheel PR: The toughest job in Dubai?

    @John...I actually laughed out load at that comment! Having said that..I still believe DAMAC hold the mantal for 'Redefining Trust'... more

    Sunday, 29 March 2015 6:06 PM - Simon
  • 8
    Post traumatic stress?

    I once had a Emirates Post employee hang up on me when I asked her to repeat something. That said, the worst is my management company, Kingfield Management... more

    Sunday, 29 March 2015 6:07 PM - Sarah
  • 8
    Drunk passenger who slapped air stewardess jailed in Dubai

    Really would help if some other commentators would understand the story and the airline.
    Flydubai doesnt give alcohol for free. They charge for it... more

    Sunday, 29 March 2015 9:07 AM - Ponder
  • 16
    Nakheel PR: The toughest job in Dubai?

    @John...I actually laughed out load at that comment! Having said that..I still believe DAMAC hold the mantal for 'Redefining Trust'... more

    Sunday, 29 March 2015 6:06 PM - Simon
  • 14
    Has Narendra Modi already lost the plot?

    Gaja - Anil is RIGHT this once! Modi stands for anarchy. Look at the way he is treating the minorities. Do you even for a second believe that he is innocent... more

    Sunday, 29 March 2015 1:42 PM - Ann
  • 8
    Post traumatic stress?

    I once had a Emirates Post employee hang up on me when I asked her to repeat something. That said, the worst is my management company, Kingfield Management... more

    Sunday, 29 March 2015 6:07 PM - Sarah