Oman's Al Izz elects board after IPO

Oman's Al Izz Islamic Bank, the sultanate's second Islamic bank, has elected members of its board a month after the initial public offer of its shares, a bank statement has said.

Taimur Bin As'ad Al Said was elected chairman to lead a six-member board.

Last month, Al Izz raised OR40m ($104m) by selling 40 percent of its capital through a month-long IPO.

The bank, which counts Abu Dhabi state-fund Aabar Investments as a founding shareholder, will list on the Muscat Securities Market on December 3.

Oman reversed its prohibition on Islamic finance last year and now intends to develop the industry, seeing economic and political benefits.

Al Izz is not yet operational and has only a representative office; it plans to open a branch after the listing of its shares.

The country's first Islamic bank, Bank Nizwa, raised OR60m by selling 40 percent of its capital in May.

It elected its board in July, a month after an initial meeting to approve the selection ended without agreement because it failed to secure the 75 percent quorum needed for decisions.