Oman’s Alizz Islamic Bank Eyes Q3 Launch -COO

Omani lender Alizz Islamic Bank, the second full-fledged Islamic bank in the sultanate, plans to begin operations in the third quarter of this year, according to its chief operating officer Jamal Darwiche. Last October, the bank raised OMR40 million ($104 million) by selling 40 per cent of its capital through a month-long initial public offer of shares. It is targeting a 3.5 per cent share of financing and a 3.6 per cent share of deposits in Oman’s banking sector by 2017. Moreover, it aims for annual growth in total assets, financing and deposits of 15-20 per cent, and to build a customer base of between 65,000 and 100,000 accounts over five years.