By A Staff Reporter -
MUSCAT — Shareholders of National Bank of Oman have approved the Board of Directors’ recommendation for the appointment of the Fatwa and Sharia Supervisory Board for the Bank’s Islamic Banking Services.
The approval came at NBO’s Extraordinary General Meeting (EGM) held at the Crowne Plaza Muscat recently. Attendees also approved the Board’s proposal to amend certain articles in the Bank’s Articles of Association including the incorporation of Islamic Banking activities in compliance of Sharia Law, through the establishment of an Islamic Banking Window.
The approvals are among the pre-requisites of regulators to offer such services. It was also agreed that the proposed Fatwa and Sharia Supervisory Board
will be represented by three renowned members namely Shaikh Dr Mohamed bin Ali Elgari, Dr Mohammed Daud Bakar, and Shaikh Khalfan bin Mohammed al Esry.
Additionally, the Bank’s authorised capital was increased from RO 160 million to RO 200 million divided into 2,000,000,000 shares of RO 0.100. The issued and paid up capital of the Bank will be RO 110,802,500 divided into 1,108,025,000 shares of RO 0.100 each.
In conclusion, Omar al Fardan, NBO’s Chairman, expressed his deep appreciation and gratitude to the Central Bank of Oman and Capital Market Authority, for their judicious supervision and leadership. He also thanked all the bank’s customers, correspondent banks and shareholders for their continued confidence in the bank.