Keen to build the underpinnings of a strong Sharia-compatible Islamic window, Bank Sohar has signed an agreement with Dar al Sharia, the Dubai-based subsidiary of Dubai Islamic Bank - the world’s first Islamic financial institution.
The pact tasks Dar al Sharia with supporting Bank Sohar in its aspirations to emerge as a frontrunner in the provision of Islamic banking services in Oman, a press release said.
Hailed as a one-stop centre for Islamic finance advisory and consultancy services, Dar al Sharia offered its considerable expertise and knowledge to Bank Sohar on a complete spectrum of issues pertaining to Islamic banking and financial services, including Sharia-compliant structuring and documentation services for all types of products, sukuk, syndication and funds, product design and development, innovation, sharia audit and training, capacity building, and so on.
Meanwhile, Bank Sohar has signed up Path Solutions, a global provider of software solutions to the Islamic financial services industry, for the deployment of its pioneering iMAL Islamic banking system. iMAL, a flexible and scalable banking platform, is an end-to-end AAOIFI-certified Islamic banking solution.
The bank also announced the unveiling of a new logo for its Islamic banking setup, branded as ‘Sohar Islamic.’ The unveiling of the logo marks the culmination of efforts by Bank Sohar to be geared for the eventual introduction of Islamic banking services in the sultanate, the release added.
Dr Mohammed Abdulaziz Kalmoor, CEO, Bank Sohar, said, “We are delighted to have crafted a logo that is truly representative of the strength, character and values of the Sohar Islamic brand. Inspiration for the logo came from Sohar, the historical city from which the bank takes its name.”