National Bank of Oman Approves Proposal For Conducting Islamic Banking Operations

National Bank of Oman (NBO) said its shareholders have approved a board proposal to start Islamic banking window operations, as the Sultanate’s lenders seek to benefit from services that comply with Islamic laws.

The shareholders also approved increasing capital to RO200 million from RO160 million, the bank said in a statement to the Muscat bourse. The paid up capital of the bank shall be RO110.8 million, divided into 1,108,025,000 shares of RO0.100 each.

Also, the bank will be managed by a Board of Directors, which consists of up to 11 members chosen from amongst shareholders or non-shareholders, on condition that these members are natural persons. The members will be appointed to the board after obtaining CBO’s approval.

The shareholders also gave their nod for the appointment of a Fatwa and Sharia Supervisory Board members and authorize the board to fix their remuneration, Times of Oman reported.