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Tuesday, 13 March 2012

Oman: Bank Sohar signs deal for Islamic banking window

Muscat: Ever since the announcement in May last year of the ability of banks in Oman to offer Islamic Banking services through dedicated windows, Bank Sohar has been working to bring an authentic and sharia-based banking solutionto its customers. 

Bank Sohar has identified three areas ofimportance for ensuring that its Islamic window is a genuine solution that respects the basic tenets of Islam, the sensibilities of the Omani people and stays with the guidance of the Central Bank of Oman (CBO) to develop a unique Omani model of Islamic Banking. These areas are proper training and development of staff to deliver the Islamic products, a proper and certified Islamic banking system and products that have a proper grounding in sharia and are backed up by relevant fatwas from respected scholars. 

Bank Sohar has entered into an agreement with Dar Al Sharia Legal & Financial Consultancy of Dubai, to help it with all aspects of launching its Islamic banking window. Dar Al Sharia will help Bank Sohar launch a unique, authentic and reliable Islamic Banking Window. Dar Al Sharia is a Dubai-based subsidiary of Dubai Islamic Bank, the world’s first Islamic bank. Over a period of eight years, Dar Al Sharia has developed its reputation as an authentic and one-stop solution centre for all Islamic finance advisory and consultancy needs. 

Dr Mohamed Abdulaziz Kalmoor, chiefexecutive officer of Bank Sohar welcomed the officials of Dar Al Sharia to Oman and looked forward to receiving timely advice and inputs from them to make sure that Bank Sohar’s Islamic banking window not only provided useful products and services to its valuable customers, but was also perceived as being a genuine, honest and ethical service, true to the basic principles of Islam.” 

(Times of Oman/12 March 2012)

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