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Oman opens up for Islamic finance

Posted on 13 May 2011

There are no Islamic banks operating in Oman but that is set to change following a decision to allow Shari’ah-compliant financial services in the Sultanate.
HM Sultan Qaboos bin Said Al Said presided over a meeting of the Omani Council of Ministers at Hisn al Shomoukh on 2 May 2011. Buried towards the bottom of the official Oman News Agency summary of the meeting was the following statement, “Within the context of the attention given to the banking sector, His Majesty approved the establishment of an Islamic Bank and allowing the banks in the Sultanate to open new branches if they wish so.”……………………………………..Full Article: Source

 
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