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Oman: Islamic banking spreads its wings

Posted on 01 August 2012

Last year Oman opened its doors to Islamic finance, a remarkable step considering it was until that point the only member of the six-member GCC bloc to disallow Shari’ah banking. It was initially brushed off by some international observers given the relative size of the market compared to Saudi Arabia or further afield in Malaysia.
But banks and other financial services companies have since been scrambling to apply for Islamic licences, with many forecasting that the sector will be a key engine for financial and economic prosperity in the future. Swiss private bank, Bank Sarasin, and Alpen Capital [Oman], an investment bank, through their joint venture Sarasin- Alpen [Oman], received approval from the Capital Market Authority of Oman to market Sukuk – Shari’ah bonds – and other Islamic capital market products and services to clients………………………………………..Full Article: Source

 
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