Alizz Islamic Bank opens its IPO

24/09/2012 10:02 AST

The Initial Public Offering (IPO) for Alizz Islamic Bank is now open for subscription. The offer will close on 21 October 2012.

The IPO is lead managed by bank muscat and has been fully underwritten by leading Omani financial institutions.

Announcing the launch of the IPO on behalf of Huriah Management LLC, Mr. Ahmed Alkhonji said, “We are very proud to be supporting the establishment of Islamic banking in Oman. The large unmet demand for Islamic banking means that alizz islamic bank is uniquely placed to become a market leader for banking products. We are delighted to have aabar, First Energy Bank and Tasameem as our partners and the bank will benefit immensely from their considerable international experience.”

Coinciding with the IPO launch, alizz islamic bank today unveiled its vision “to be Oman’s leading Islamic Bank that facilitates commerce and development through innovative financial solutions consistent with the principles of Islamic banking”.

Growth in Islamic banking has outstripped conventional banking growth across GCC markets, and is now valued at around USD 300 billion by asset value. The promoters are confident that Oman will experience similar growth in its new Islamic banking market and that alizz islamic bank is uniquely placed to become a market leader.

The alizz islamic bank IPO is backed by strong promoters with extensive experience in Islamic banking and financial services.

Aabar is an experienced financial services investor and a key strategic investor of Abu Dhabi. It has significant investments in UniCreditSpA, a leading European commercial bank, and RHB Capital Berhad, one of Malaysia’s largest commercial banks. It also owns Falcon Private Bank, a leading Swiss-based private bank.

First Energy Bank has a successful track record in Islamic investment banking in the MENA region. Mr. Mohamed Ghanem, Acting CEO, today said, “We are excited to be part of alizz islamic bank. As one of the leading Islamic banks in the region, we have well developed Islamic banking setup expertise. We will continue working closely with the management team and assist where possible. Significant progress has already been made on the bank’s operations and we are confident of a successful launch.”

CPI Financial