Oman Ahli Bank to launch country's first Islamic invest fund-Report

Tuesday, May 14, 2013

BEIRUT (Zawya Dow Jones)--Oman's Al Ahli Bank (ABOB.ON) plans to launch an open-ended Islamic investment fund, Muscat-based Oman daily reported Tuesday citing an executive.

Subscription will be opened to investors between May 22 and June 20 in Oman and in other Gulf countries, AbdulAziz Al Balushi, the bank's chief executive, said according to the paper.

Ahli Bank will be the first Omani lender to launch a shariah-compliant fund, he added.

Earlier this year, Ahli Bank received a license from the Central Bank of Oman to operate an Islamic banking window under the name Al Hilal Islamic Banking Services.

Oman, which was the last Gulf Cooperation Council member to introduce Islamic banking, issued last year a law to regulate shariah-compliant banks and Islamic window services of conventional lenders. The country has now two full-fledged Islamic banks and a number of Islamic windows recently opened by conventional lenders.

Newspaper website: http://main.omandaily.om/node/135484

Write to Beirut Bureau at djnews.dubai@dowjones.com

(END) Dow Jones Newswires

14-05-13 0735GMT