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BUSINESS NEWS

CBO shows commitment to Islamic banking, says Fitch

Muscat - 

Effective regulation and supervision of Islamic banks achieved through a dedicated unit of the Central Bank of Oman (CBO) is positive for the sector as it should strengthen early detection of risks and support growth, Fitch Ratings said on Thursday.

Funding gap persisting in banking sector, says CBO

Muscat - 

While funding conditions for banks remain favourable, the customer-funding gap - the gap between customer loans and deposits - remained high in the sultanate’s banking sector, according to the Central Bank of Oman (CBO).

Renaissance appoints advisors for bond issue

Muscat - 

Renaissance Services has mandated Standard Chartered Bank as sole structuring advisor, and Bank Sohar, National Bank of Oman (NBO) and Standard Chartered as joint lead managers to arrange investor discussions on its behalf for a perpetual bond issuance. 

Sultanate grants rights over land for $2.5bn Omagine Project

Muscat - 

The sultanate’s government has granted Omagine LLC certain rights over 1mn sqm of prime beachfront land in Seeb for the development of the US$2.5bn mixed-use tourism and real-estate project known as Omagine Project.

Phoenix holds attention in a dull market

Muscat - 

The benchmark MSM index ended Wednesday’s session with a 0.07 per cent gain to close at 6429.05. 

MoCI activates e-system for financial reports

Muscat - 

The Ministry of Commerce and Industry (MoCI) has activated the trial version of an electronic system for annual financial reports through the Invest Easy portal. 

Ithraa discusses World Expo, India B2B events

Muscat - 

Ithraa’s investment working group, led by Faris al Farsi, director general of the investment promotion directorate, met on Wednesday. 

CBO institutes Islamic banking department

Muscat - 

The Central Bank of Oman has announced the formation of a new department to deal with all matters concerning Islamic banking operations in the country. 

Muscat daily recycle