IslamicFinance.de

It is possible that Bank Nizwa will begin its branch operations in July this year. The bank has an ambitious plan to reach in every part of the Sultanate in near future to offer Islamic banking products to citizens and residents.
The Muscat branch of the bank would be established at Shatti al Qurum and an international consultant is working on the design of the building. It appears that the bank will provide commercial banking services for both personal and corporate customers.

It is possible that Bank Nizwa opens for business by either the end of the year or early 2012. Bank Nizwa is expected to have a capital base of OR150m ($389.6m).

Bank Nizwa is expected to open its doors either towards the end of the year or early next year.
Hamoud bin Sangour Al Zadjali, Central Bank of Oman (CBO) executive president, thinks that the bank will have a capital of RO150 million from which 40 % will be offered to the public through an initial public offering.
The CBO chief also added that existing banks, that intend to start window operation for Sharia-compliant products, can offer them through an existing branch and there is no need for opening an exclusive branch.

THE Omani government has embraced its doors to Islamic banking.
At the end of May, the Central Bank of Oman (CBO)’s board of governors had agreed upon the legislation for the establishment of sharia-compliant institutions and Islamic branches in conventional banks. The CBO also approved afterwards the creation of Bank Nizwa, which will be the first Islamic institution operating in the Sultanate.

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.