Bankdhofar’s First Sharia Board Meeting

The first meeting for the Sharia Supervisory Board of BankDhofar was held on December 26 at the bank’s head office to approve the proposed policies and procedures pertaining to its Islamic banking window, Maisarah. In addition, the meeting approved a wide range of products covering all business segments. The meeting was brought to order by Shaikh Dr Salim bin Ali al Thahab, who was elected Chairperson at the recent Extraordinary General Meeting ( EGM) for the group. Other members who attended the meeting included; Shaikh Mohammed bin Ali al Lawati, and Shaikh Ahmed bin Awad al Hasan. BankDhofar is the only bank in Oman to have its Sharia Supervisory Board made up totally of members from the local Omani population including the Suni, Abadhi and Shia sects.

Speaking at the meeting, Shaikh Dr Salim bin Ali al Thahab, Chairperson, said “We are pleased with the processes which Maisarah has in place to ensure that our Islamic banking window is ready to serve the people of Oman. Maisarah means ease and confidence and we aim to offer our customers a unique experience when completing their banking transactions. Maisarah advocates the spirit of Omanisation and fully engages with offering opportunities to the local Omani population and we aim to have as many Omani employees on our team as possible.”

With the recent announcement by the Central Bank of Oman (CBO) of the final regulations for Islamic banks and window operations of conventional banks, Maisarah is ready and eager to showcase their much-awaited Sharia-compliant products to the market. Maisarah has two branches ready to serve its customers, one in Muscat and one in Salalah, with plans to open many others throughout the Sultanate. This commitment to Islamic banking is another step on the road to BankDhofar becoming the best bank in the Gulf.

Oman Daily Observer