Oman’s non-Islamic banks are set to gain permission this year to offer Shariah-compliant products as retail lending increases the most in three years. The sultanate, which approved licences for two Islamic banks last year, will pass legislation in 2012 to allow banks to offer the services through “Islamic windows,” central bank executive president Hamud Sangur Al Zadjali said recently.
The move may draw customers who had turned to banks in other five Gulf Cooperation Council (GCC) countries for retail loans that comply with Shariah’s ban on paying and receiving interest, according to Dubai-based Al Mal Capital………………………………………..Full Article: Source