Bank Nizwa, Oman's new Islamic lender, has embarked on an initial public offering on the Muscat Securities Market as it seeks to raise US$158.9 million (Dh583.6m).
The Islamic bank, which is not yet operational, was created by the sultanate's regulator last month as Oman moves to establish a Sharia-compliant banking industry.
"The proceeds of the offer will be used to settle the costs associated with setting up the bank, costs relating to the execution of the bank's business plan, such as leasing new branches, hiring staff, purchasing infrastructure and conduct its general business operations," the bank said.
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