Taageer Finance

#Oman's Taageer Finance and Sohar disclose 4.67m rial exposure to NMC

Oman's Taageer Finance and Sohar International Bank disclosed they have exposures to NMC Health. Taageer has a 1.23 million rial (Dh11.72m) exposure to NMC, while Sohar International Banke's exposure stays at 3.45m rials. Last week NMC was placed in administration by a UK court on the application of one of its biggest lenders, Abu Dhabi Commercial Bank. The joint administrators from turnaround advisory firm Alvarez & Marsal will take immediate control of NMC Health and will work on behalf of all stakeholders. In February, the UK’s Financial Conduct Authority launched an investigation into NMC's activities after the company's shares were suspended from trading on the London Stock Exchange.

NBFCs may face competition from Islamic banks, say analysts

Oman's non-banking financial companies (NBFCs) posted decent growth in income and profits in 2012. And analysts believe that the sector will see strong growth in 2013 on the back of project and infrastructure spending by the government. An analysis of the six listed NBFCs shows that aggregate income rose 11.94 per cent to RO65.30mn in 2012, while their combined net profit rose 17 per cent to RO24.14mn. NBFCs expect some competition for the leasing sector from Islamic banks, especially in auto financing.

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