Oman has finally succumbed to the demand dynamics of Islamic banking, oft quoted even by central bankers and the World Bank Group, as the fastest growing component of the global financial system.
Earlier in May, Oman's absolute ruler, Sultan Qaboos, issued a royal decree paving the way for the authorization of the country's first standalone Islamic bank and for other interested banks to set up dedicated Islamic banking windows.
The first application to launch an Islamic bank, Nizwa Bank, has already been submitted. However, the authorization process may take more than a year because the Central Bank of Oman has yet to develop and adopt a regulatory and supervisory regime for Islamic banking and the government has yet to introduce an enabling Islamic banking law. This will depend on the priority with which these government agencies implement the royal decree.
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