MUSCAT — BankDhofar is ready to launch ‘Maisarah’ Islamic Banking Services subject to the Central Bank of Oman (CBO) approval. ‘Maisarah’, meaning ease or comfort, will be a fully serviced Islamic window which will enable customers to access Sharia'a compliant products and services through its highly skilled Islamic banking division which was established at the start of the year.
An extensive feasibility study into Islamic banking was conducted by BankDhofar as a direct response to the Royal Decree issued by His Majesty Sultan Qaboos bin Said in order to ensure that the bank offers its customers a best in class Islamic banking experience. The study focussed on what customers required to become confident with Islamic banking and the market expectations. To meet these requirements and to facilitate the smooth operation, Maisarah has invested in industry leading core banking system and technology. It has also put an extensive training and development plan in place for the staff of its Islamic banking division to enable them to deal with all Sharia'a compliant transactions with ease. Already awareness training programmes for the staff members in all regions have been conducted successfully.
Tony Mahoney, CEO, BankDhofar said “There is a lot of interest in Islamic banking in Oman and we have put the processes in place within our bank to ensure we are ready to offer the best Sharia’a compliant products and services. Our staff members have been trained to allow them to work in this sector effectively and professionally.
Our systems were also upgraded and tested to ensure that a smooth transition to Islamic banking can be made as soon as CBO approval is in place.” Earlier this year BankDhofar’s shareholders approved the final plans for establishing the Islamic banking window activities in compliance with Sharia’a provisions, and in accordance with the banking law and rules and regulations of the Central Bank of Oman at an Extraordinary General Meeting (EGM). The all Omani Sharia’a Board is also in place which consists of some of the leading Sharia’a scholars from the country.
The logo of Maisarah was inspired from the architectural features of one of the prominent mosques of Oman and has been presented in the unique BankDhofar green which gels very well with Oman’s green landscape.
As Oman awaits the final guidelines for Islamic banking regulations from the CBO, Maisarah is completing its final readiness to serve the customers and help the community meet its individual and business needs with an array of Sharia’a compliant products.