Oman Heralds the Dawn of a New Era with the Introduction of Islamic Financing
Majesty Sultan Qaboos approved the creation of a new Islamic bank as well as the ability of conventional banks to open branches dedicated to Islamic financing. There has been multiple desires within the Omani and international community to do business in Oman in a Shari'ah compliant way. The announcement is seen as a significant milestone in promoting interstate investment and financing by the business community of Oman and the GCC member countries.
This development is important because a series of guidelines to be released by the Central Bank of Oman (CBO), outlining the change in policy towards Islamic financing is expected. This development will enable both local and international players to tap into new business opportunities.