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Aug 08 2012

Al izz bank IPO by September

By Samuel Kutty MUSCAT -- Al izz islamic bank, the Sultanate's second Islamic bank, currently under formation, plans to launch its initial public offering on the Muscat Securities Market by the end of September. According to an official of a leading brokerage firm, the bank with a capitalisation of RO 100 million will float an IPO of RO 40 million, or 40 per cent of its share capital next month. bank muscat will be the lead manager to the issue, it is learnt.

The bank is jointly promoted by Huriah Company LLC which is headquartered in Oman and Tasameem Real Estate Company, which is a UAE-based investment company with investments in several industries ranging from construction to branded restaurants. According to analysts, the Central Bank of Oman's approval for Islamic banks to start businesses and the consequent permission of the Capital Market Authority to float the IPOs are expected to absorb a large section of liquidity lying unused in different banks.

© Oman Daily Observer 2012

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