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Oman: Islamic finance set to take off

Posted on 24 August 2012

Islamic financial products, first authorised by the Omani government in 2011, are set to take off later this year, with the banking, real estate and insurance sectors all expected to see benefits. However, competition is also forecast to increase as both sharia-compliant and conventional banks vie for customers.
Bank Nizwa, the first bank granted authorisation to roll out Islamic financial products, intends to begin operating in the third quarter of 2012. The bank recently raised $156m through an initial public offering (IPO), which will be used to finance the development of new services………………………………………..Full Article: Source

 
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