The Sultanate of Oman has approved the establishment of the Gulf state's first Islamic bank on Monday, a circular said, without elaborating on further details about the new lender.
'His Majesty approved the establishment of an Islamic Bank and allowing the banks in the Sultanate to open new branches if they wish so,' the circular said.
Oman is the only state among the six which make the Gulf Cooperation Council members which has not so far set up a bank specifically offering Shariah-compliant products and services.
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