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.
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