10.12.2012 - Islamic banking likely to start soon
Oman has paved the way for Islamic banks to start operations with the announcement of a Royal Decree amending the banking law to accommodate Sharia-compliant financial products. The two Islamic banks bank Nizwa and alizz islamic bank and window operations of conventional banks are expected to start within two months from now. The Central Bank of Oman (CBO) may announce the detailed regulation, said a banking source. "We have all submitted application for starting window operation. Now the central bank can issue licence for us to offer Sharia compliant products. But I don't know the timeframe," said a senior banker...............................................Full Article: Source
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