IslamicFinance.de

Oman Development Bank (ODB) is considering the launch of an Islamic window to offer Sharia-compliant products to small and medium-sized firms. After Oman adopted Islamic finance in December by issuing regulations for the sector, developing Islamic finance and smaller firms are two policies which the government hopes will cut unemployment. Government-owned ODB is likely to opt for an Islamic window instead of a full-fledged conversión into an Islamic bank. The Islamic window is not expected to start operating before the end of this year. Under the rules for Islamic windows, ODB would only be able to offer Islamic products through stand-alone branches, which would require converting some of its existing 15 branches or opening new ones.