Bank Nizwa, the Sultanate’s first Islamic bank, has got a sizable relaxation in deploying funds in overseas markets for the initial one year. The banking regulator Central Bank of Oman (CBO) has allowed Bank Nizwa to invest up to 75 per cent of the bank’s net worth in foreign currency-denominated assets in the first six months, up to 50 per cent in the subsequent six months, which is against the normal 40 per cent ceiling for banks in Oman, Hamoud bin Sangour Al Zadjali, Executive President of the CBO, said.
“Thereafter, the bank has to bring down the maximum ceiling to 40 per cent. At the moment, it is available to only Bank Nizwa and not (extended to) other banks, which have window operations,” added the CBO chief………………………………………..Full Article: Source