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Saturday, August 02, 2014  

NBO readies to launch Islamic banking services
Muscat National Bank of Oman (NBO) plans to launch Islamic banking operations in the Sultanate. The bank, which sees Islamic banking as the next area for development, plans to capitalise on opportunities presented by the innovative industry and meeting the increasing demand for Sharia-compliant finance.

Mohammed Al Ardhi, deputy chairman of the bank, confirmed that there is, indeed, a need for this diversification and that there is huge potential in the area of Islamic finance. NBO plans to contribute significantly to the industry by providing banking services to customers who request Sharia-compatible products, after obtaining approval from the Central Bank of Oman (CBO).

In October, the bank organised a training programme on ‘principles and practices of Islamic finance’ for its staffers. The three-day programme was part of the skill development initiatives of the bank, to support the impending launch of Islamic banking products.

NBO has sponsored the first ‘Oman Islamic Economic Forum’, held under the auspices of HH Sayyid Shihab Bin Tariq Al Said, at Ritz Carlton Al Bustan Palace Hotel. Tun Abdullah Bin Haji Ahmad Badawi, former prime minister of Malaysia, Mohammed deputy chairman of NBO also took part in the programme.  

“NBO is indeed proud to be a sponsor of the first Islamic Economic Forum in Oman. We are delighted with His Majesty Sultan Qaboos Bin Said’s nod to launch Islamic banking in the Sultanate.  We have taken the lead to introduce and launch innovative solutions for customers, and look forward to providing our customers with our Islamic banking services in the near future,” he added.

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