Alizz Islamic Bank (AIB)

$26mln Islamic financing for #Oman copper-gold project

The Omani-Australian partnership Al Hadeetha Resources has secured funding to the tune of RO 10 million from Alizz Islamic Bank, which will support the financing of the formers copper-gold project. Australian-based mining firm Alara Resources is a majority investor in the project, which centres on the commercialization of an estimated 16 million tons of copper. These new financing arrangements signify another key milestone for the flagship Al Hadeetha Copper-Gold project in Oman. The funds will be used to procure major equipment for the copper processing plant at Washihi. Meanwhile, Al Hadeetha Resources has named Chinese state-owned enterprise China National Geological & Mining Corporation (CGM) as its Engineering Procurement Construction contractor. The project is expected to come into operation by Q1 2021.

Alizz-OAB #merger to provide customers with better services

The upcoming proposed merger between Alizz Islamic Bank and Oman Arab Bank (OAB) will provide customers with better services and more outlets. Al Yusr Islamic Banking, Oman Arab Bank’s Islamic window with all its branches and staff will become part of Alizz Islamic, which will remain as a fully licensed Islamic bank. Under this merger, Alizz Islamic Bank will be fully owned under Oman Arab Bank and will see the former continue to operate as an Islamic bank, with its services available to all existing customers, as well as OAB customers. The latter, however, will continue to function as a conventional bank.

Alizz Islamic Bank approves share swap for proposed merger with OAB

Alizz Islamic Bank’s Board of Directors has approved a share swap ratio for its proposed merger with Oman Arab Bank (OAB). The share swap ratio is around 81%: 19% for the shareholders of OAB and Alizz Islamic Bank respectively. The proposed merger and the indicative swap ration will remain subject to the approval of the shareholders. On completion of the merger, Alizz Islamic Bank will continue to operate as a dedicated Islamic banking franchise with management autonomy.

BRIEF-Al Izz Islamic Bank expresses interest in #merger with United Finance

Alizz Islamic Bank has expressed interest in the possibility of strategic merger with United Finance subject to conducting due diligence. No legally binding commitment has been made and the transaction remains subject to approval by the regulators and other stakeholders.

Alizz islamic bank launches Tharwa Wealth Management

Alizz islamic bank recently celebrated the launch of the Tharwa Wealth Management Segment. Tharwa offers an array of financial services led by a team of seasoned relationship managers. Tharwa customers benefit from a selection of exclusive privileges including access to special discounts on travel, accommodation, restaurants, entertainment and various VIP services. Furthermore, Tharwa customers can enjoy the privacy of the Tharwa lounges in conducting their banking transactions, as well as the MasterCard World Credit Card. Tharwa customers also have the flexibility to manage their money through the Izdihar sweep savings account, which adheres to the Islamic principle of unrestricted Mudarabah.

Alizz Islamic Bank’s financing portfolio grows 62%

Financing portfolio of Alizz Islamic Bank (AIB) reached OMR275.9 million in the third quarter of 2016, registering a growth of 62.4%, compared to the same period last year. Deposits grew by OMR123.4 million from the same period last year representing a growth of 84.7% and net operating income grew by 57.2% from the same period last year to reach OMR6.7million. Due to the increase in income, cost controls and monitoring of financing quality, the net loss of the bank reduced by 19.1% to reach OMR3.4 million. According to CEO Salaam Al Shaksy, the bank achieved stable growth, while maintaining a strong asset quality. Alizz Islamic Bank is one of the first specialised Islamic banks in Oman, that has consolidated its presence within a short period of time.

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