| Oman's central bank has granted Islamic banks a one-year relaxation of rules on the amount of foreign assets which they can hold, to give time for Islamic financial instruments to be developed domestically. Oman's first full-fledged Islamic banks, Bank Nizwa and Al Izz Islamic Bank, were established late last year and are now starting to operate as the country introduces Islamic finance.
Under rules announced by the central bank in December, the two banks can hold no more than 40 percent of their net worth in the form of foreign currency-denominated assets...............................................Full Article: Source
|