BankDhofar have signed an agreement with Delloitte and Touche to create a market assessment and feasibility study into the launching of Islamic Services at the Bank.
This study is in response to the Royal Decree, issued last year by His Majesty Sultan Qaboos Bin Said, which approves the establishment of Islamic Banking.
The Bank is dedicated to the implementation of Islamic Financial services and has already invested in some intense training programmes for its executives providing them with insights into planning and executing Islamic banking products and services.
It has also appointed a new Head of Islamic Banking, Mr. Moawai Emalin, to prepare the Bank to handle these additional services through dedicated Islamic windows at its branches.
Mr. Mohamed Reda Jawad General Manager said “At BankDhofar we plan on offering our customers Shariah compliant products and services through dedicated Islamic windows. The studies which we have commissioned Deloitte and Touche to work with us on will enable us to offer our customers the best services possible and to ensure that we are abreast of all new regulations and standards for Islamic financial services.”
Authorized Islamic banks and Islamic banking windows must be Shariah compliant and will also be subject to conforming to other applicable requirements under the banking law and other law.
Central Bank of Oman, has advised that all Islamic banks need to follow standards and practices to ensure that they are generally acceptable by the parties trading in the stock market.
They must also conform with the related international standard and must ensure that they work cohesively with the traditional Banks.