Call it Sharia euphoria. Anything in Oman with the words "Islamic bank" in the name has been selling like hot cakes recently.
The surge comes as the sultanate eases long-standing restrictions on the rapidly growing industry and investors plough in.
BankMuscat is the latest beneficiary. Its rights issue, completed yesterday, raised 96.7 million Omani rials. The rights issue was 127.49 per cent oversubscribed - all the more remarkable given the fact Dubai Group, the bank's second-biggest shareholder, did not participate. Dubai Group is an arm of Dubai Holding. The group owns a 14.7 per cent stake in BankMuscat.
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