Ahlibank is planning to set up an independent Islamic banking window and launching of its Islamic banking operations in accordance with the injunctions of Shariah guidelines, subject to approval from the Central Bank of Oman (CBO).
According to a press release from the bank, its Islamic banking operations will be segregated from its conventional counterpart in all aspects. Further comments from ahlibank state that it will have dedicated Islamic branches ‘that will cover different regions of the sultanate.’
Furthermore, in line with CBO requirements, the bank will also have a four-member shariah board to ensure the operations are in compliance with shariah guidelines.
Abdul Aziz al Balushi, the CEO of Ahlibank, said, “The bank is proud to have on board some of the brightest minds on Islamic finance to chart the way forward.”
“Ahlibank is well positioned to provide Islamic financial expertise to diverse segments. The bank has in place a comprehensive strategy to effectively respond to the directive of His Majesty Sultan Qaboos bin Said on Islamic banking and thereby cater to the financial needs of people in accordance with the guidelines and regulatory framework of the Central Bank of Oman (CBO).”
In October 2011, ahlibank organised a training programme for its staff to ready them for the introduction of Islamic banking, the release stated.
The six-day course, which was conducted by the International Center for Financial Training affiliated with the General Council for Islamic Banks and Financial Institutions of Bahrain, was part of a skill development initiative of the bank to support the impending launch of Islamic banking products.
Ahlibank is also the platinum sponsor of the upcoming Oman First Islamic finance and banking conference.
Balushi added, “Ahlibank is indeed proud to be a sponsor of this conference. 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.”