By A Staff Reporter -
MUSCAT — National Bank of Oman (NBO) is intending to launch Islamic banking operations in Oman. Islamic Banking has been named as a key area for development at NBO, which plans to capitalise on the opportunities presented by the innovative industry and meeting the increasing demand for Shari’ah-compliant finance.
Mohammed al Ardhi, NBO’s Deputy Chairman, confirmed that there is, indeed, a need for this diversification and that there is huge potential in the area of Islamic Finance. NBO plans to contribute significantly to the industry by providing banking services to ‘customers who request Shari’ah-compatible products’, after obtaining approval from CBO.
In October 2011, NBO organised a training program on ‘Principles and Practices of Islamic Finance’. The 3-day program was part of the skill development initiatives of the bank, to support the impending launch of Islamic Banking Products.
Furthermore, NBO recently sponsored the First ‘Oman Islamic Economic Forum’, held under the auspices of His Highness Sayyid Shihab bin Tariq al Said, at Al Bustan Palace Hotel. At the forum, enriching dialogues were shared between Tun Abdullah bin Haji Ahmad Badawi, ex-Prime Minister of Malaysia and Mohammed al Ardhi, NBO’s Deputy Chairman.
Al Ardhi further added: “NBO is indeed proud to be a sponsor of the first Islamic Economic Forum in Oman. We are delighted with His Majesty’s approval to launch Islamic Banking in the Sultanate. We have always taken the lead to introduce and launch innovative solutions for customers, and look forward to providing our customers with our Islamic Banking offering, in the near future.”