Arab Today, arab today oman’s first islamic bank sees profit in 2014
Last Updated : GMT 21:45:51
Arab Today, arab today
Arab Today, arab today

Oman’s first Islamic bank sees profit in 2014

Arab Today, arab today

Arab Today, arab today Oman’s first Islamic bank sees profit in 2014

Manama - Arabstoday

Oman’s Bank Nizwa, a newly formed Islamic lender which sold shares to the public in June, expects to post its first profit in 2014 and will elect a new board this month, its chief executive said yesterday. “We aim to make our first profit in 2014 though we would like to make it happen sooner, in the first year of our operation, but that may not be possible,” Jamil al-Jaroudi, CEO of Bank Nizwa, told Reuters in an interview. Jaroudi said the bank’s new board would be elected in a shareholders’ meeting set for July 31. The lender failed to elect a board after it was unable to get the required quorum at a general meeting last month, three sources familiar with the situation told Reuters. “We will start our operation two weeks after that (electing board) with three branches, in Nizwa, Sohar and Muscat. Eighteen months after the start of our operation, we hope to open about seven branches nationwide,” al-Jaroudi said. Bank Nizwa, the sultanate’s first Islamic bank, attracted 681mn rials ($1.77bn) of bids in its initial public offering, 11 times the sum it planned to raise, signalling strong interest from investors. It eventually raised 60mn rials ($155.9mn) in the 40% IPO. Its shares surged 13% on its first day of trading on June 10, but has given back most of those gains to trade slightly above its 102 baisas offering price yesterday. Al-Jaroudi said the oversubscription of the bank’s IPO was “a good indication” and he hoped the returned funds will be used by customers as deposits. “It shows that we are well placed and there’s a healthy appetite for a fully fledged Islamic bank in Oman,” he added. Bank Nizwa was the first IPO this year in Oman. The country’s market regulator has said it expects three to four new listings in 2012. While neighbouring Gulf States have ramped up Islamic finance services in recent years, Oman stood out by refusing to participate in the industry. The central bank reversed that stance last year, partly to prevent the outflow of Islamic funds. Shariah-compliant lender Al Izz International Bank, Oman’s second lender to be licensed for Islamic operations, had been expected to issue an IPO of 40% of its 100mn rials capital by June this year. from gulf times.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oman’s first islamic bank sees profit in 2014 Arab Today, arab today oman’s first islamic bank sees profit in 2014

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 04:54 2017 Saturday ,18 February

Oil prices slip as high stocks overshadow OPEC cuts

GMT 21:38 2017 Thursday ,16 February

Kuwait Oil Price Down 25 cents to $52.30 pb

GMT 14:40 2017 Thursday ,16 February

OPEC daily basket price announced for Wednesday

GMT 19:14 2017 Wednesday ,15 February

Gasoline, diesel prices increase 100 L.L.

GMT 04:39 2017 Wednesday ,15 February

Oman Crude Oil Financial contract closes at US$55.45
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday