BankMuscat plans to open seven branches that offer Sharia-compliant banking
services in Oman, its CEO has said.
largest lender by market value said it had earmarked OMR150m (US$389m) for its Meethaq Islamic bank operations, AbdulRazak Ali
Issa told the Times of Oman.
"To begin, subject to
regulatory approval, Meethaq will start operations with seven dedicated
branches. BankMuscat has assigned OMR150m capital for the proposed Meethaq
Islamic banking window operations,” he said.
“[However], the final
allocation will be determined by business opportunities in the market and the
board has indicated that the assigned amount may increase if required. The
capital allocation is subject to necessary regulatory approvals,” he added.
BankMuscat has recently
embarked on an aggressive investment strategy.
Through its stake in BMI
Bahrain, the lender has ventured into Qatar, Kenya, and the Seychelles. It also
owns stakes in banks in Pakistan and India.
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