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)………………………………………..Full Article: Source