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Oman finally opens door to Islamic banks

Posted on 04 May 2011

Oman will open the door to Islamic banks and also let conventional lenders run sharia-compliant operations in a bid to grab a share of the rapidly growing Islamic finance business.

A central bank official told Reuters on Tuesday that applications were open for the creation of Oman’s first standalone Islamic bank, after a decree from ruler Sultan Qaboos bin Said. “His Majesty approved the establishment of an Islamic Bank and allowing the banks in the Sultanate to open new branches if they wish so,” a circular posted on Oman News Agency said……………………………………….Full Article: Source

 
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