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Monday, 2 December 2013

Alizz islamic bank offers omantel Innovative banking products

Alizz islamic bank, one the first dedicated Islamic banks in Oman, signed a Memorandum of Understanding (MoU) with the Oman Telecommunications Company (Omantel). Acting CEO of alizz islamic bank, Jamal Darwiche and VP Human Resources at Omantel, Dr. Ghalib bin Saif Al Hosni signed the MoU that will provide Omantel employees with innovative Shari’a compliant financial solutions. 
Commenting on the signing, Mr. Darwiche said, “The MoU with Omantel is in line with our strategy to offer Shari’a compliant financial solutions to our customers. Through this strategic partnership, employees will enjoy our customer journey and the convenience of technologically advanced banking through our transparent processes. Our business relationship with Omantel goes beyond offering products; as we seek to identify areas of growth by recommending practical and cost-effective investment opportunities.” 
“This MoU signed between Omantel and alizz islamic bank will help us deepen our understanding of Islamic banking concepts and practices. It further reflects our commitment to offer Omantel employees the best available products and services the Islamic banking sector has to offer. We seek to identify initiatives that enhance the privileges of being an Omantel employee,” said Dr. Al Hosni. 
Employees of Omantel will benefit from deposit products such as the current (Qard Hassan), savings (Mudaraba) accounts, as well as competitive financing products that range from auto finance (Murabaha), home finance (Ijara and Forward Ijara) and personal finance (Goods Murabaha and Services Ijara). alizz islamic bank is also the first full-fledged Shari’a compliant bank in Oman to offer both the Titanium and Platinum credit cards.
(Albawaba Business / 01 Dec 2013)
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Qatar's Masraf agrees deal to buy UK Islamic bank

Masraf al Rayan (MAR), Qatar's largest sharia-compliant bank by market value, has said it has reached an agreement on a cash offer by its UK unit, to buy out the Islamic Bank of Britain (IBB).
MAR said in a statement that the acquisition would give it the opportunity to grow services in the UK and continental European markets.
"IBB offers MAR the opportunity to invest in a financial institution with an established platform and with an existing client base of over 50,000 customers," the statement said.
Adel Mustafawi, Group CEO of MAR, said: “As one of the leading banks in Qatar, we look forward to supporting the Islamic Bank of Britain in its growth plans by strengthening its balance sheet and position in the market.
"We believe together we can build a stronger bank that is more capable of exploiting the enormous business opportunities available in the UK market for the benefit of our customers, shareholders, employees and the economies we operate in."
MAR declared a net profit of QR1.250bn, an increase of 15.4 percent during the first nine months of 2013 compared to similar period in 2012.
MAR currently operates 11 branches in Qatar.
(Arabian Business.Com / 01 Dec 2013)
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