30 January 2013
MUSCAT -- Upon the Royal Directives of His Majesty allowing Islamic banking in the Sultanate, ahlibank, one of the leading banks in the Sultanate, has been working vigorously during the last year to introduce its Islamic Banking window to the nation.
Al Hilal Islamic Banking services launched five branches simultaneously yesterday and a sixth branch planned in Salalah within the next month.
The branches are in Samayil, Bahla, Rustaq, Saham and Muscat. Al Hilal Islamic Banking Services is ready to provide Islamic banking products and services built on the tenants of truth and transparency in banking with the windows operations being fully segregated from the banks conventional activities.
Commenting on the launch, Hamdan bin Ali bin Nasser al Hinai, chairman of ahlibank said: "Islamic finance, by its very nature, is a financial system that highlights the importance of aligning the objectives of businesses with the needs of the community to ensure that the overall well-being of society is not forgotten when pursuing investment opportunities."
"Our goal since the start was to launch Al Hilal Islamic Banking Services as a means to meet the needs of all customers in terms of truth, transparency and being fully sharia compliant through an advanced sharia compliant system supervised by the prominent Islamic finance experts who are members of the Sharia Supervisory Board (SSB) of the bank. This comes within the steady efforts made by the bank to ensure full transparency in all transactions."
On his part, Abdul Aziz al Balushi, CEO Ahlibank said: "Our focus during the first year will be to present the true identity and build a bridge of trust and confidence with customers. This will undoubtedly give us the required momentum and thrust to win the customers' confidence. Our services, products and dealing are built on the tenants of truth and transparency and are in accordance with Islamic Sharia principles to insure that we as an organisation are committed to providing the best products that the market has to offer".
Shaikh Aflah bin Ahmed bin Hamad al Khalili, member of the Sharia Supervisory Board of Al Hilal Islamic Banking Services said: "The main aim behind the establishment of a Sharia Supervisory Board is to ensure that all the products are sharia compliant. The board includes a number of prominent experts from inside and outside the Sultanate".
"The products on offer will contribute to the efforts made by the Sultanate's government to enhance the role played by Islamic banking in achieving sustainable development as well as more progress and prosperity for the Omani people", he added.
The work of the Sharia Supervisory Board will be independent as it has the power to audit all contracts and transactions, give opinion and guidance. The bank's management shall strictly follow the guidelines outlined by the Board to ensure that all the transactions are sharia compliant.
Abdullah al Jabri, DGM and Head of al Hilal Islamic Banking Services said: "We have been gearing up for the last year to insure a smooth start to our Islamic banking services. Through the five branches launched today and the sixth in the coming month, al Hilal Islamic Banking Services will strive to provide customers with high quality leading Islamic banking services. Our products are designed to highlight both the social and economic side of Islamic banking. The branches are ready to provide all of our products which include retail and commercial products from the very start." he furthered.
Commenting on the products that will be on offer for customers, Al Jabri said: One of the unique and salient characteristics of Islamic banking is the integration of ethical and moral values with the banking operations.
The ethical and moral consideration of Islamic banks cannot be detached and their behaviour should be consistent with the moral and ethical standards laid down by the Islamic Sharia. We have made this characteristic a central pillar in all our products and services and our aim is to provide a service, which showcases truth and transparency in banking and meet the needs of our customers.
"We are optimistic that Al Hilal Islamic Banking Services will not only be up to the expectations of our customers but will also ensure the optimum level of transparency and truth in the Islamic banking transactions. We will remain committed to ensuring transparency and truth and meet the needs of customers and achieve the government vision towards developing the Islamic banking service sector in the Sultanate", he concluded.
MUSCAT -- Upon the Royal Directives of His Majesty allowing Islamic banking in the Sultanate, ahlibank, one of the leading banks in the Sultanate, has been working vigorously during the last year to introduce its Islamic Banking window to the nation.
Al Hilal Islamic Banking services launched five branches simultaneously yesterday and a sixth branch planned in Salalah within the next month.
The branches are in Samayil, Bahla, Rustaq, Saham and Muscat. Al Hilal Islamic Banking Services is ready to provide Islamic banking products and services built on the tenants of truth and transparency in banking with the windows operations being fully segregated from the banks conventional activities.
Commenting on the launch, Hamdan bin Ali bin Nasser al Hinai, chairman of ahlibank said: "Islamic finance, by its very nature, is a financial system that highlights the importance of aligning the objectives of businesses with the needs of the community to ensure that the overall well-being of society is not forgotten when pursuing investment opportunities."
"Our goal since the start was to launch Al Hilal Islamic Banking Services as a means to meet the needs of all customers in terms of truth, transparency and being fully sharia compliant through an advanced sharia compliant system supervised by the prominent Islamic finance experts who are members of the Sharia Supervisory Board (SSB) of the bank. This comes within the steady efforts made by the bank to ensure full transparency in all transactions."
On his part, Abdul Aziz al Balushi, CEO Ahlibank said: "Our focus during the first year will be to present the true identity and build a bridge of trust and confidence with customers. This will undoubtedly give us the required momentum and thrust to win the customers' confidence. Our services, products and dealing are built on the tenants of truth and transparency and are in accordance with Islamic Sharia principles to insure that we as an organisation are committed to providing the best products that the market has to offer".
Shaikh Aflah bin Ahmed bin Hamad al Khalili, member of the Sharia Supervisory Board of Al Hilal Islamic Banking Services said: "The main aim behind the establishment of a Sharia Supervisory Board is to ensure that all the products are sharia compliant. The board includes a number of prominent experts from inside and outside the Sultanate".
"The products on offer will contribute to the efforts made by the Sultanate's government to enhance the role played by Islamic banking in achieving sustainable development as well as more progress and prosperity for the Omani people", he added.
The work of the Sharia Supervisory Board will be independent as it has the power to audit all contracts and transactions, give opinion and guidance. The bank's management shall strictly follow the guidelines outlined by the Board to ensure that all the transactions are sharia compliant.
Abdullah al Jabri, DGM and Head of al Hilal Islamic Banking Services said: "We have been gearing up for the last year to insure a smooth start to our Islamic banking services. Through the five branches launched today and the sixth in the coming month, al Hilal Islamic Banking Services will strive to provide customers with high quality leading Islamic banking services. Our products are designed to highlight both the social and economic side of Islamic banking. The branches are ready to provide all of our products which include retail and commercial products from the very start." he furthered.
Commenting on the products that will be on offer for customers, Al Jabri said: One of the unique and salient characteristics of Islamic banking is the integration of ethical and moral values with the banking operations.
The ethical and moral consideration of Islamic banks cannot be detached and their behaviour should be consistent with the moral and ethical standards laid down by the Islamic Sharia. We have made this characteristic a central pillar in all our products and services and our aim is to provide a service, which showcases truth and transparency in banking and meet the needs of our customers.
"We are optimistic that Al Hilal Islamic Banking Services will not only be up to the expectations of our customers but will also ensure the optimum level of transparency and truth in the Islamic banking transactions. We will remain committed to ensuring transparency and truth and meet the needs of customers and achieve the government vision towards developing the Islamic banking service sector in the Sultanate", he concluded.
© Oman Daily Observer 2013
