BankMuscat SAOG (BKMB), Oman’s biggest bank by assets, received a license to offer services complying with Shariah as it seeks to benefit from the industry’s growth prospects.
The bank will open seven so-called Islamic windows this year operating under the brand “Meethaq Islamic Banking,” according to a regulatory filing today.
The move comes after the Persian Gulf country approved licenses for two Islamic banks last year. Islamic banking assets in Oman may account for a 10th of the total within a year of the lenders starting services, Hilal Al Barwani, vice president of banking supervision at the central bank, said in October. National Bank of Oman SAOG said in June its shareholders approved starting Islamic banking.
BankMuscat Gets Oman Islamic Banking License as Industry Grows - Bloomberg
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