Oman Islamic banking model

Taking advantage of its late initiation into Islamic banking, Oman will offer a unique model for the sector, which will be a combination of different models available across the world, according to Central Bank of Oman (CBO). H E Hamood Sangour al Zadjali, executive president of CBO, talking on the sidelines of the Oman Islamic Economic Forum, said that Oman’s Islamic banking model will be a combination of the best available models across the world rather than a copy of any single one.

“Considering the local environment we expect to create an exemplary and unique Islamic banking model. We would include suitable elements from all the different models available. We have hired consultants and they are working on it.”

The two-day forum kicked off under the auspices of H H Sayyid Shihab bin Tariq al Said in the presence of Tun Abdullah bin Haji Ahmad Badawi, former prime minister of Malaysia.

H E Zadjali said that CBO is preparing the necessary rules and regulations for Islamic banking which are expected to be ready by the end of the first quarter of 2012.

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