central bank of Oman

Powerhouse partners from across global Islamic financial ecosystem joining World Islamic Banking Conference

More than 1200 distinguished guests from more than 45 countries and 300 organizations participating this December, Bahrain

Key players from the global Islamic finance industry will be participating with the 22nd annual World Islamic Banking Conference (WIBC) 2015, taking place on the 1st, 2nd and 3rd of December at the Gulf Hotel, Bahrain. Focusing on 'New Realities, New Opportunities', WIBC will play host to more than 1200 leaders including Central bank governors, regulators, C-suite bankers & asset managers, policy makers, Fintech entrepreneurs and contemporary thought leaders.
WIBC 2015 will host 5 central bank Governors and deputy governors and feature speeches and discussions by the Governor of the Central Bank of Bahrain, H.E. Rasheed Al Maraj, the Executive President of the Central Bank of Oman, H.E. Hamood Sangour Al Zadjali, Deputy Governor of the State Bank of Pakistan, Riaz Riazuddin and the Deputy Governor of the National Bank of Kazakhstan, Nurlan Kussainov.

CBO shows commitment to Islamic banking, says Fitch

Effective regulation and supervision of Islamic banks achieved through a dedicated unit of the Central Bank of Oman (CBO) is positive for the sector as it should strengthen early detection of risks and support growth, Fitch Ratings said. The central bank inaugurated its specialist department for overseeing Islamic banking last week. The department will build up resources and expertise and centralise all aspects of Islamic banking regulation and issuance. Although the industry represents just over five per cent of total banking assets in Oman, it could grow rapidly, as it has in neighbouring countries where market shares range between 20 to 30 per cent, the ratings agency said. The global ratings agency added that a limited number of Omani corporates have issued sukuk and the country's banks may follow.

Bank Nizwa seeks relaxation for investing funds overseas

Bank Nizwa is going to request the Central Bank of Oman (CBO) for allowing the bank to get relaxation in deploying funds in overseas markets for a certain period, until Sharia-compliant products are available within the domestic market. Dr Jamil Jaroudi, Chief Executive Officer of Bank Nizwa said there are restrictions in the new law that do not allow Islamic banks to achieve their full potential. The law for sukuk and takaful need to be issued, and the banking regulations have to be adjusted in order to attract Islamic investment, he added. The CBO needs to frame regulation for short-term instruments, which will allow Islamic banks to deploy their excess liquidity.

Meethaq opens first branch in Ghubra

Last Sunday, Meethaq, the Islamic banking window of bank muscat opened its first branch in Ghubra. More branch openings are planned in all major cities across Oman this year aiming to reach customers and attract them through Sharia-based products and services. The final amount of capital for the bank’s operations will be determined by business opportunities.

Meethaq to begin operations on Jan. 21

Central Bank of Oman (CBO) has given its final approval to the Islamic banking arm of Bank Muscat - Meethaq - to start full-fledged operations. The starting date of the bank's operations is January 21st. Meethaq will begin functioning as a bank with 150-million-rial capital at its disposal. The money is intended to be used to boost growth opportunities. A full suite of regulated Islamic banking products will be offered.

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.

NBO geared to offer ‘Muzn’ sharia-compliant products

As soon as the Central Bank of Oman grants the National Bank of Oman the final guidelines and the necessary approvals, the latter can offer Islamic Banking products. Also, it has launched its own Sharia compliant brand named ‘Muzn’.

Bank Sohar signs agreement for Islamic banking consultancy

Bank Sohar signed an agreement with Dar al Sharia Legal & Financial Consultancy of Dubai, to help it with all the main aspects of launching its Islamic banking window.
Since then, the bank has been working on introducing authentic, Sharia-based banking solutions to its customers. It seems that it has recognized three areas of utmost importance for ensuring that its Islamic window is a solution that respects the basic tenets of Islam, the sensibilities of Omanis and is within the guidelines of the Central Bank of Oman.

BankMuscat announces Meethaq Islamic banking window

BankMuscat's Board of Directors decided to arrange an independent Islamic banking window at the bank and launch Islamic banking operations in accordance with the injunctions of Shariah, subject to approval from the Central Bank of Oman.
The bank revealed the logo of its Islamic banking window under the brand name 'Meethaq' at the Oman Islamic Economic Forum.
The bank's Islamic banking operations will be separated from its conventional counterpart in all aspects. Further, in line with CBO requirements, the bank noted the formation of a 3-member Shariah board to ensure the Meethaq operations are in compliance with Shariah.

Oman Arab under starter’s orders

Oman Arab Bank is now ready to launch Islamic banking products through dedicated windows, after the regulatory framework is announced by the Central Bank of Oman in January.
Bishara Qafiti, deputy manager of Oman Arab Bank, stated that in the beginning they will focus on the retail and commercial sector, vehicle and real estate loans, rather than trying to do corporate finance.

E&Y to advise Oman cbank on Islamic banking rules

Ernst & Young was chosen to advise the Central Bank of Oman on formulating a separate set of rules and regulations for Islamic banking institutions. Ernst & Young Islamic banking professionals have already shown up in Muscat and started working on the project.

Oman licenses second Islamic bank

The local press stated that the Central Bank of Oman has licensed the Sultanate's second Islamic bank.
Al Izz International Bank has been given the designation to operate as a fully-fledged Islamic bank once it is set up.
The license was granted after CBO decided to authorize Islamic banking after years of prohibition in an attempt to keep the assets of Omani investors wanting to invest in a Shari'ah compliant manner in the Omani economy.

Islamic banks in the UAE now almost one-fifth of financial sector

HE Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank of the UAE, stated that the number of Islamic banks operating in the UAE now stands at eight. The Governor also congratulated the Sultanate of Oman on the licensing of its first Islamic bank and welcomed the Central Bank of Oman to the Islamic finance community of regulators.
Despite this, Al Suwaidi was the one that directed the majority of his remarks to the state of Islamic finance within the UAE itself.

Oman gives approval to first Islamic bank

In a report Reuters stated that the central bank of Oman has approved the establishment of Bank Nizwa to provide Islamic banking services inside the Sultanate. Al Khalili Group and other local supporters will be the lenders.

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