JANUARY 16, 2013

Muscat: Oman Arab Bank (OAB) is planning to launch its Islamic banking window operations through five branches across major cities of Oman this year. The bank yesterday launched an independent Islamic banking services unit under the brand name Al Yusr. "We are confident that 'Al Yusr' will provide customers with an avenue to be true to their beliefs while offering all the advantages of world class banking," said Abdul Kader Askalan, chief executive of Oman Arab Bank.

"Islamic banking seeks to promote the ideals of a prosperous society and stable economy, based on basic Islamic ideologies. The Sultanate already has a flourishing banking sector and the opening of the Islamic segment will only serve to make it more diverse," Abdul Kader Askalanadded.

The Al Yusr Islamic banking unit will have a special focus on retail, small and medium enterprises (SMEs) and corporate banking segments of the market and plans to launch innovative and tailored products suitable to the needs of Omani customers. 

Islamic scholars
The new Islamic unit will be advised by a Sharia Supervisory Board (SSB), which consists of three highly reputed Islamic scholars, with immense experience in Islamic banking sector. The SSB will be headed by a prominent Sharia scholar, Dr Essam Khalaf Al Enezi, with the support of Dr Ahmed Subhi Al Ayyadi and Dr Khalid Salim Hamad Al Siyabi as members.

The Al Yusr is being headed by Azmat Rafique, who has rich experience in Islamic banking and financial consultancy within the Gulf Cooperation Council and Pakistan. He is an experienced professional and well acknowledged in the field of Islamic banking and finance. 

The Al Yusr corporate identity was unveiled during the launch and uses elements of the Oman Arab Bank brand as a design influence. The name Al Yusr defines the convenient nature of the Islamic banking services offered when following the principles of Sharia. 

Oman Arab Bank is part of the Arab Bank Group, one of the oldest banks in the Middle East.
Arab Bank is successfully offering Islamic banking services to its customer within and outside the region. This rich experience makes the bank an expert in offering Islamic financial services.

© Times of Oman 2013