Oman will finally open the door to Islamic banking and let conventional lenders run Shariah-compliant operations in a bid to keep investment funds in the state and grab a share of the rapidly growing industry.
A central bank official said applications were open for the creation of Oman’s first standalone Islamic bank, after a decree from ruler Sultan Qaboos bin Said.
“His Majesty approved the establishment of an Islamic Bank and allowing the banks in the Sultanate to open new branches if they wish so,” a circular posted on Oman News Agency said.
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