Al Izz Islamic Bank, the second sharia-compliant lender being formed in Oman, will launch an initial public share offer (IPO) for 40 percent of the bank later this month, Oman's regulator said in a statement on Monday.
Al Izz is the second Islamic bank to seek a stock market listing in Oman since the sultanate reversed its position last year as the only country in the Gulf Arab region not to permit sharia-compliant banking.
The bank, which counts Abu Dhabi state-fund Aabar Investments as a founding shareholder, aims to raise 40 million rials ($104 million) through the offer which will open on Sept. 22 and run for one month, the
Omani Capital Markets Authority said.
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