21/12/2011 00:00 AST

National Bank of Oman (NBO) is intending to launch Islamic banking operations in Oman.

Islamic banking has been named as a key area for development at NBO, which plans to capitalise on the opportunities presented by the innovative industry and meeting the increasing demand for Sharia-compliant finance.

Mohammed Al Ardhi, deputy chairman of NBO confirmed that there is, indeed, a need for this diversification and that there is huge potential in the area of Islamic finance.

NBO plans to contribute significantly to the industry by providing banking services to ‘customers who request Sharia-compatible products’, after obtaining approval from the CBO.

The bank’s main strengths are the dedicated and committed team of staff members. In October 2011, the bank organised a training programme on ‘Principles and practices of Islamic finance’.

Innovative solutions

The three-day programme was part of the skill development initiatives of the bank, to support the impending launch of Islamic banking products.

Furthermore, NBO recently sponsored the first ‘Oman Islamic Economic Forum’, held under the auspices of His Highness Sayyid Shihab bin Tariq Al Said, at the Ritz Carlton Al Bustan Palace Hotel.

At the forum, enriching dialogues were shared between Tun Abdullah bin Haji Ahmad Badawi, former prime minister of Malaysia and Mohammed Al Ardhi, deputy chairman of NBO. Al Ardhi further added: “NBO is indeed proud to be a sponsor of the first Islamic Economic Forum in Oman.

We are delighted with His Majesty the Sultan’s approval to launch Islamic banking in the Sultanate. We have always taken the lead to introduce and launch innovative solutions for customers, and look forward to providing our customers with our Islamic banking offering, in the near future.”

“We believe that commitment and hard work are two important factors for NBO to achieve the desired results, in this relatively new field of finance in Oman. We are confident that our committed staff can definitely work together to be successful in this area as well,” said Al Ardhi said.


Times of Oman

NBO sponsors National Open Data Symposium

31/10/2018

Reinforcing the partnership between the public and private sectors, the National Bank of Oman (NBO) sponsored the recently held National Open Data Symposium under the patronage of His Highness Sayyid

Times of Oman

National Bank of Bahrain Jan-Sept net profit jumps 11%

18/10/2018

National Bank of Bahrain (NBB) said it delivered strong financial results and continued growth for the first nine months of 2018 marked by an 11.3 per cent rise in net profit, which reached 55 millio

Gulf News

NBO’s $500m EMTN issuance oversubscribed

27/09/2018

National Bank of Oman (NBO) has successfully issued five-year senior unsecured $500 million notes as part of its updated and up-sized $1.5 billion Euro Medium-Term Note (EMTN) programme.

Un

Oman Daily Observer

Ticker Price Volume
SIPCHEM 20.10 899,828
APPC 48.05 453,535
SABIC 120.60 5,510,302
SACCO 47.50 122,955
ALMARAI 46.40 235,704
EXTRA 59.10 111,604
SAICO 11.30 335,188
NBOB Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
BKMB 0.42 0.00 (-0.47%)
BKDB 0.16 0.00 (0.00%)
OMVS 0.35 0.00 (0.00%)
BKSB 0.13 0.00 (-0.79%)
HBMO 0.12 0.00 (0.00%)
Air Arabia 9-month net profit tumbles 17pc

14/11/2018

Sharjah-based Air Arabia posted a 17 per cent drop in net profits for the first nine months of 2018, despite an increase in turnover to Dh3 billion ($816.6 million).

The airline's net prof

Trade Arabia

Union Properties swings to nine-month net profit

14/11/2018

Union Properties, a leading real estate company based in Dubai, UAE, said it has recorded a net profit of Dh145.6 million ($40 million) for the first nine months of 2018, compared to a net loss of Dh

Trade Arabia

Abu Dhabi signs key ultra-sour gas concession with Eni

14/11/2018

The Abu Dhabi government and the Abu Dhabi National Oil Company (Adnoc) have signed the first of a series of concession agreements with Italy’s multinational oil and gas company Eni, awarding it a 25

Trade Arabia

Saudi Aramco IPO will ‘definitely’ happen, CEO says

13/11/2018

The Initial Public Offering (IPO) of Saudi Aramco will “definitely” happen, the company’s chief executive confirmed on Sunday, but he said it is not expected until 2021 after the potential acquisitio

Gulf News

KFH-Bahrain private banking offers new products

13/11/2018

Kuwait Finance House-Bahrain (KFH-Bahrain), one of the leading Islamic banks in the country, has launched new products under its private banking offer. Abdul Razak Jawahery, executive manager of th

Trade Arabia