Bank Nizwa, the first Islamic bank in Oman, had a successful initial public offering in June, raising $159 million. The IPO was 11 times oversubscribed, according to Oman Arab Bank, which managed the issue and was the lead underwriter. The shares rose 13% in their first day of trading on the Muscat Securities Market.
“The oversubscription of the IPO was just one indication of how much the [Islamic finance] industry had been awaited,” says Jamil El Jaroudi, CEO of Bank Nizwa. “During the road show we were able to feel, see and assess people’s passion toward such an industry.” ……………………………………….Full Article: Source