RM & Relationship Officer Islamic Banking Division - Islamic Banking

Job Purpose

•To contribute to the growth in volume & earnings of Bank’s Corporate Banking business and ensuring a healthy Corporate Banking portfolio.
Key Responsibilities:

•Develop and nurture relationships with assigned companies Acts in an advisory role to the client fostering responsible banking.
•Seek to grow the business volume & earnings while maximizing customer satisfaction
•Handle relationships through regular meetings with clients and establish their current and future financial needs.


Sukuk sales may break $46b record on debuts

This year's record of $46 billion in terms of global sukuk sales is very likely to be exceeded in the coming year. A key reason is that countries like Oman, Tunisia and Egypt are just entering the market. Borrowing costs on Sharia-compliant debt have decreased 11.4 percentage points reaching 2.82% since the end of 2008 due to central banks in Europe, the US and Japan pumping funds into their economies in order to enhance growth rates. A rise in the Islamic banking assets will drive the demand so that it can reach $1.8 trillion next year. Compared to that, in 2011 the demand was $1.3 trillion.

Oman takes strict approach in Islamic banking rules

The central bank of Oman decided upon a strict approach to regulating Islamic banking in rules for the sector. The rules released on December 19th will set higher standards for the industry than many other countries. Last year, the Sultanate announced the introduction of Islamic finance, thus becoming the last GCC country to make this step. According to expectations, business activity will start at the beginning of 2013.

Corporate Banking Manager – Islamic Banking

•Plans, organises and controls the Corporate Banking Department in order to Maximize the Islamic Division’s Market share, profitability and volume on its range of products and services
•Well versed in Islamic Banking corporate products and structuring of the facility. Train the team members to execute corporate banking deals and understanding the methodology of structuring the same
•Monitors operational, economic and social data relevant to the business of the Bank for evolving the strategies and policy guidelines in the corporate Banking department
•Develops, recommends and implements on approval, marketing strategies and plans consistent with established goals in Corporate Banking, Islamic Division.

Omani regulator issues three takaful licences

Three new takaful licences has been launched and are waiting for completing of all the requirements, according to Oman's Capital Market Authority.

Al Madina-led JV to form $50m SME fund

Al Medina Financial and Korean Finance corporation are going to form a Sharia-compliant small and medium enterprise fund worth $50 million. The fund that should be operational in the first quater of next year will provide seed capital for SME companies in Oman, which use Korean technology.

StanChart to consider establishing Islamic banking operations in Oman

Standard Chartered (StanChart) extends its business activities in Oman by opening of its third branch in the country. According to officials, bankhouse considers establishing Islamic banking operations in the sultanate.

BankDhofar gears up to start Islamic banking

BankDhofar plans to launch 'Maisarah' Islamic banking services, according to the study that was carried out to ensure clients best in class Islamic banking experience. Maisarah Islamic banking services are subject to the Central Bank of Oman (CBO) approval.

CBO revises banking law to include Sharia operations

Central Bank of Oman's (CBO) board of governors has made a revision of the legal framework of Oman's banking system. The goal of the revision is to implement Islamic banking activities in the sultanate. In a recent statement, the board made its decision to introduce amendments to the existing banking law concerning Islamic banking public. The issued last week Royal Decree made amendments to provisions of the banking law in order to allow for the inclusion of Islamic banking as a licensed banking activity. Specialized banks as well as independent windows at existing commercial banks can be used for this purpose.

Bank Nizwa seeks regulator's nod to invest funds abroad

Bank Nizwa has given a request to deploy their funds abroad to Oman's central bank for consideration. Thus, Bank Nizwa will be able to get returns instead of keeping the money idle until the bank starts operation. The capital base of Bank Nizwa is OR150m, compared to that Alizz Islamic Bank's paid up capital is as high as OR100m.

Bank Dhofar & IFS sign agreement for Islamic Finance Products

In conclusion of a detailed and extensive selection process, Bank Dhofar chose IFS as the Consultancy and product implementation partner for Shariah compliant products for their corporate as well as individual customers. In IFS, Bank Dhofar found a trusted partner with the necessary knowledge and expertise to make offering suitable Shariah compliant products possible. According to the recently signed agreement, IFS will provide Sharia complaint products to the bank. The project consists of two phases. The first will include products for individuals while the second will include products directed towards corporates and individuals.

Oman's Al Izz Islamic Bank elects board of directors

According to a statement of Al Izz Islamic Bank, they have elected members of the board. The elections have taken place a month after the initial public offer of the bank's shares. The chairman, who is to lead a board of six members, is Taimur Bin As'ad Al Said. Last month, the bank sold 40% of its capital through a month-long IPO and thus managed to raise 40 million rials ($104 million). Moreover, Al Izz will list on the Muscat Securities Market on December 3rd.

alizz islamic bank's IPO oversubscribed

According to an announcement by alizz islamic bank SAOG, the Initial Public Offering worth RO 40.8 million had great success and was oversubscribed. Investors from category 1 had applied for up to 100,000 shares and received all of their application amounts. Category 2 investors had applied for more than 100,100 shares. They have been allotted 83.95% of their application amounts. It is planned for the constitutive general meeting of the bank to be held on November 20, 2012.

Tilal seeks CMA approval for Oman’s first Sukuk

Omani real estate firm Tilal Development Company has persistently been asking the Capital Market Authority (CMA) for approval to raise funds by issuing a sukuk. According to Abdullah bin Salem Al Salmi - executive president of CMA - as soon as Tilal are ready with a plan, CMA are ready to grant them approval for raising money by means of sukuk. Currently, the next step is for Tilal to submit a formal application for the issue. CMA are encouraging companies to float sukuk issues. The only thing necessary for bringing regulation for sukuk is a minor amendment in the Capital Market Law.

Muscat International Islamic Finance Forum publishes key recommendations

In conclusion of the two-day Muscat International Islamic Finance Forum a set of key recommendations was compiled by the organisers. The recommendations are a result of the discussions among the participants which included senior industry figures, global investors, takaful operators, bankers, as well as top Shariah scholars. The recommendations include the following areas: regulatory framework, Shariah, asset liability management (ALM), in-country value (development of real economic sectors & SME), asset / fund management, education, takaful, sukuk, and media & awareness.

Dar al Sharia to help Bank Sohar develop Islamic window

An agreement was signed between Bank Sohar and Dar al Sharia, which will build the foundations of a Shari'ah-compatible Islamic window. According to the deal, Dar al Sharia shall provide help to the Omani lender in terms of issues relating to Islamic banking and financial services. These include Shari'ah-compliant structuring and documentation services for all types of products.

Tilal seeks CMA nod for floating Sultanate's first sukuk issue

Tilal Development Company turns to Capital Market Authority (CMA) for raising funds by the country's first sukuk issue. According to Abdullah bin Salem Al Salmi, executive president of CMA, they are ready to grant Tilal their approval as soon as the latter are ready with a plan. Al Salmi further added that Islamic financial instruments like sukuk are necessary for Islamic banks in order to invest their deposits. A lack of Islamic debt instruments could result in a deposit growth much higher than the anticipated growth in terms of assets which would make deposit investment very difficult.

Oman commissions KPMG to recommend changes in tax law

The government of Oman chose KPMG to work on recommendations for the amendment to the tax legislation. The amendment aims to accommodate Islamic banking products and services. Thus, Shari'ah-compliant services will not be less favourable compared with conventional products any more.

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Oman set for changes in tax laws to suit Islamic banking

The plans of the Oman government for the near future include an amendment to the current tax legislation. The goal of the amendment is accommodation of Islamic banking products and services as well as the creation of a level playing field with its conventional counterparts. The Ministry of Finance gave KPMG the project of recommendations on amending the tax legislation. Due to the different procedure regarding entering transactions, it is currently possible that the profit becomes liable to tax in the first year. This way, Islamic banks are likely to be considered disadvantageous in comparison with conventional banks.

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Does Islamic finance have a responsibility to reduce unemployment

According to expectations, financing SMEs shall be a measure to deal with unemployment in the MENA region. Reports suggest rapid growth of the market share of Islamic banking in Egypt due to the change in public policy. Smaller markets such as Oman and Morocco are also considered important in this context. Observers point out that Islamic finance is a potential source of spurring economic growth in the countries which experienced the Arab Spring. However, it is highly doubtful whether Islamic finance can solve the unemployment issue especially among young people. The question is rather if it should make conscious efforts to contribute to dealing with unemployment as part of its business strategy instead of a byproduct of its activities.

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