Posts tagged as: Oman

Sohar Islamic rolls out Shari’ah-compliant home finance scheme

Sohar Islamic rolls out Shari’ah-compliant home finance scheme

Bank Sohar's Islamic banking arm, Sohar Islamic, has launched a Shari'ah-compliant home finance programme, as part of its plan to expand the products and services portfolio. The new product features flexible terms, which offer financing for up to 80% o…

Bank Nizwa obtains investment banking licence

Bank Nizwa obtains investment banking licence

Bank Nizwa, Oman's first full-fledged Islamic bank, has received an investment banking licence that will allow it to manage funds and issue instruments such as Islamic bonds. The bank launched operations in January and is gradually rolling out a range …

Oman sukuk gets regulatory approval

Oman sukuk gets regulatory approval

<p>Oman&rsquo;s first corporate sukuk has received regulatory approval and the five-year, RO50m ($130m) private placement aims to close next month. It will be issued by Tilal Development Co and the proceeds will be used to repay existing debt and expand the Muscat Grand Mall. The sukuk, rated BBB+ by Capital Intelligence, will pay a five percent profit rate and use an ijara structure, a common Shariah-compliant leasing arrangement. Omani domestic investors such as pension funds and insurance firms have expressed interest in the sukuk and it could have a broader regional appeal, in particular from Qatar. A corporate sukuk could also be welcomed by local Islamic banks, which are eager for access to more sharia-compliant investment products while Oman&rsquo;s Islamic money markets are underdeveloped.</p>
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<p><a href="http://thepeninsulaqatar.com/business/242927-oman-sukuk-gets-regulatory-approval.html" title="http://thepeninsulaqatar.com/business/242927-oman-sukuk-gets-regulatory-approval.html">http://thepeninsulaqatar.com/business/242927-oman-sukuk-gets-regulatory-…</a></p>
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Al Madina Insurance plans IPO to convert itself into takaful firm

Al Madina Insurance plans IPO to convert itself into takaful firm

Al Madina Insurance Company is planning to float an initial public offering (IPO) in the fourth quarter of this year in an attempt to change its status to a Sharia-compliant takaful firm. As per the draft takaful regulation, insurance companies have to…

Tax Law amendment proposal for Islamic banks submitted

Tax Law amendment proposal for Islamic banks submitted

KPMG has submitted its recommendations for amending the country’s tax law to the Ministry of Finance. The recommendations aim to ensure that Islamic financial institutions are on a level playing field with their conventional counterparts. According to …

Bank Nizwa teams with INCEIF

Bank Nizwa teams with INCEIF

Bank Nizwa and INCEIF signed a Memorandum of Understanding (MoU), under which the institutions will collaborate to jointly provide structured training and development initiatives for Omani nationals working in the Islamic Finance Industry. The MoU was …

Oman’s Alizz Islamic Bank Eyes Q3 Launch -COO

Oman’s Alizz Islamic Bank Eyes Q3 Launch -COO

Omani lender Alizz Islamic Bank, the second full-fledged Islamic bank in the sultanate, plans to begin operations in the third quarter of this year, according to its chief operating officer Jamal Darwiche. Last October, the bank raised OMR40 million ($104 million) by selling 40 per cent of its capital through a month-long initial public offer of shares. It is targeting a 3.5 per cent share of financing and a 3.6 per cent share of deposits in Oman’s banking sector by 2017. Moreover, it aims for annual growth in total assets, financing and deposits of 15-20 per cent, and to build a customer base of between 65,000 and 100,000 accounts over five years.

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Islamic banks need comprehensive marketing approach

Islamic banks need comprehensive marketing approach

Omani Islamic banks are expected to follow a comprehensive marketing approach to promote themselves as an alternative for traditional Banks. In other words, Islamic banks need to apply Sharia-compliant recent banking applications. At the meantime, they should consider the risks of financing goods and assets according to Murabaha and Musharakah basics. Islamic banks in Oman will only succeed in introducing and marketing their services/products by satisfying clients’ requirements through saving and financing means. Thus, they should start to conduct studies as well as R&D for Islamic products. Moreover, flexibility is an effective factor to successful banking processes.

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Oman approves two sukuk issues

Oman approves two sukuk issues

Oman’s market regulator has given its initial approval for two local firms to issue sukuk. The Islamic bonds will hit the market after clearing the formalities for final approval, said the chief executive of the Capital Market Authority, Abdullah bin S…

Meethaq Sharia Board inducts 2 more members

Meethaq Sharia Board inducts 2 more members

The Sharia Supervisory Board of Meethaq conducted its first meeting of 2013 under the chairmanship of Shaikh Dr Ali Qaradaghi. The board inducted two new members — Abdulqader Thomas and Dr Saeed al Muharrami. The two experts in the field of Islamic banking will serve as non-Shari’a members and assist the Shari’a voting members, providing insights on various Islamic banking issues. The board reviewed Meethaq activities during 2012 and discussed the strategy for the coming period.

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