Al Izz Islamic Bank, the second sharia-compliant lender being formed in Oman, plans to float 40 per cent of its shares in September, a bank official said on Thursday.
Oman awarded two Islamic banking licenses last year, to Al Izz and Bank Nizwa, reversing its position as the only Gulf Arab state without banks that offer solely Islamic products and services.
“We are planning our IPO issue worth 40 million rials ($104 million) in September,” a senior bank official, who declined to be identified, told Reuters.
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