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Islamic finance could be a $6 bln industry in Oman

Posted on 16 September 2011

For religious reasons, Omani clerk Ali al-Sulaimi does not believe in paying interest on borrowed money, but he badly wants to build a house for his family. Islamic banks “should open today already”, said Sulaimi, dressed in a white dishdasha robe and traditional Omani woven hat called the kuma, as he went to prayers at the Sultan Qaboos Grand Mosque in the capital Muscat.

Now an edict issued by the central bank in May this year is set to meet demand from Sulaimi and other Omani Muslims who have long called for the sultanate to embrace the Islamic finance industry, which operates according to the religion’s sharia law……………………………………….Full Article: Source

 
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