Middle East Economic Survey


No 21



Oman Approves Setting Up Of Standalone Islamic Bank

The Central Bank of Oman (CBO) announced on 15 May that, in a bid to secure a share of the rapidly growing Shari'a-compliant banking industry, it had given the green light to establish the countrys first standalone Islamic bank. A CBO statement said that it had agreed to the establishment of Bank Nizwa and would consider any application to open branches for Islamic banking by any...