The banking and finance industry will witness further growth with the stage being set for the launch of Islamic banking in the Sultanate. Termed as a ‘unique model’, the recent Islamic Banking Draft Framework of the Central Bank of Oman suggests to constitute a five-member Sharia board, exclusive branches for window operation, clear cut segregation of conventional and Islamic banking with separate teams of people and accounts and a 12 per cent capital adequacy ratio. Despite reservations being expressed by some bankers, the CBO model has received wide acclaims.
The draft has "outstandingly recapped the best practices in the Islamic banking and finance industry worldwide and combined them for a robust and incomparable model," said Sulaiman al Harthy, Group General Manager of BankMuscat. The bank had earlier announced that its Islamic banking brand will be called Meethaq, and will comprise a three-member Sharia-board.
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