Industry working on providing services
MUSCAT -- The Sultanate's financial industry is working on providing Islamic financial products and services to its clients as the Central Bank of Oman (CBO) has opened the doors to conventional banks to offer these solutions through "windows" within their current operations.
Abdulaziz Mohammed Ahmed al Balushi, CEO, Ahlibank SAOG, says offering Islamic financial products and services to Omani clients will enable "us to attract the liquidity currently invested in offshore Islamic banks and those that are currently maintained outside the formal financial services system in Oman.
"The growth potential for Islamic banking is huge both locally and globally and the Shariah-compliant financial solutions industry is constantly developing to fulfil the investment and lending demands of both corporate and individual clients." HSBC, a leading provider of Islamic banking services internationally as HSBC Amanah, has welcomed Islamic banking in Oman.
Ewan Stirling, CEO, HSBC Bank Middle East Limited -- Oman, says: "Our estimates are that Islamic banking penetration in the GCC will exceed 30 per cent in the next 5-8 years." Abdul Kader Askalan, Chief Executive Officer, Oman Arab Bank (OAB) SAOC, says OAB is also in the process of launching Islamic banking products and services.
"Naturally, we'll see some clients choosing to convert to Islamic banking from their existing conventional banking relationship," says Stirling.
© Oman Daily Observer 2011
