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Mar 10 2012

Bank Sohar signs agreement for Islamic banking consultancy

Bank Sohar has entered into an agreement with Dar al Sharia Legal & Financial Consultancy of Dubai, to help it with all the important aspects of launching its Islamic banking window.

Ever since the announcement in May last year of the launch of Islamic banking services in Oman, Bank Sohar has been working on introducing authentic, Sharia-based banking solutions to its customers.

Dr Mohamed Abdulaziz Kalmoor, CEO of Bank Sohar , said, " Bank Sohar is pleased to partner with Dar al Sharia, a reputed sharia consultant, to make sure that there is no compromise in the development of products, processes and systems and to also make sure that the staff is trained by experts from the region."

Bank Sohar has, according to a press release, identified three areas of utmost importance for ensuring that its Islamic window is a solution that respects the basic tenets of Islam, the sensibilities of Omanis and is within the guidelines of the Central Bank of Oman.

These include proper training and development of staff to deliver Islamic products, a proper and certified Islamic banking system and products that have a proper grounding in Sharia and are backed up by relevant fatwa from respected scholars.

© Muscat Daily 2012

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