The government of Oman has approved the establishment of Islamic banking, allowing lenders to run Sharia-compliant operations for the first time in the Gulf state, Reuters reported.
The country, which led by Sultan Qaboos, will also allow conventional banks to offer Sharia-compliant products and services in a bid to clinch a share of the growing Islamic finance market.
Oman is the last country in the six Gulf Cooperation Council (GCC) members to enter the Islamic banking business.
“His Majesty approved the establishment of an Islamic Bank and allowing the banks in the Sultanate to open new branches if they wish so,” a circular posted on Oman news agency said.
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