18 June 2013
MUSCAT -- Al Yusr, the newest addition to the Sultanate's Islamic banking windows sector, which is expecting its launch, will focus on retail, SMEs and corporate banking segments.
"Al Yusr will have special focus on retail, SMEs and corporate sectors and will fill in the gaps felt in the similar windows in Oman's banking sector", Azmat Rafique, Head of Islamic Banking at Al Yusr told Observer.
Providing financial solutions that meet real needs of customers and deliver to them significant value is yet another cornerstone of the Islamic banking windows according to the chief of operations.
"We are aiming to deliver greater value to our customers through better structured products. We believe in responsible finance and in line with Oman Arab Bank's legacy, intend to continue our prudent banking practices.
This has effectively translated into a business strategy which focuses on all key sectors of the economy while primarily seeking healthy financial exposures. Simply put, we don't want to build our finance book overnight while compromising on quality", Rafique who is well-versed in the Islamic banking regulations and Sharia compliance of banking, added.
The bank had earlier announced that it would have five branches for Islamic operations across major cities of the Sultanate during first year of its operations.
Additionally, the bank, in line with the requirements of the Central Bank of Oman (CBO), has also introduced a 3-member Sharia Advisory Board to ensure the Al Yusr operations are in compliance with Sharia (Islamic law).
He said the OAB is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. Rafique said Islamic banking, which seeks to promote the ideals of a prosperous society and stable economy based on Islam's basic principles, is set to grow fast in Oman because the country already has a flourishing banking sector.
MUSCAT -- Al Yusr, the newest addition to the Sultanate's Islamic banking windows sector, which is expecting its launch, will focus on retail, SMEs and corporate banking segments.
"Al Yusr will have special focus on retail, SMEs and corporate sectors and will fill in the gaps felt in the similar windows in Oman's banking sector", Azmat Rafique, Head of Islamic Banking at Al Yusr told Observer.
Providing financial solutions that meet real needs of customers and deliver to them significant value is yet another cornerstone of the Islamic banking windows according to the chief of operations.
"We are aiming to deliver greater value to our customers through better structured products. We believe in responsible finance and in line with Oman Arab Bank's legacy, intend to continue our prudent banking practices.
This has effectively translated into a business strategy which focuses on all key sectors of the economy while primarily seeking healthy financial exposures. Simply put, we don't want to build our finance book overnight while compromising on quality", Rafique who is well-versed in the Islamic banking regulations and Sharia compliance of banking, added.
The bank had earlier announced that it would have five branches for Islamic operations across major cities of the Sultanate during first year of its operations.
Additionally, the bank, in line with the requirements of the Central Bank of Oman (CBO), has also introduced a 3-member Sharia Advisory Board to ensure the Al Yusr operations are in compliance with Sharia (Islamic law).
He said the OAB is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. Rafique said Islamic banking, which seeks to promote the ideals of a prosperous society and stable economy based on Islam's basic principles, is set to grow fast in Oman because the country already has a flourishing banking sector.
© Oman Daily Observer 2013
