The ground is all set for a paradigm shift in the Sultanate's banking sector with the opening of the first such bank recently.

The thriving Oman economy is to witness yet another addition to the dome- al izz islamic bank which aims at offering complete Sharia-compliant banking products to the corporate and retail banking customers of Oman, thus becoming one of the country’s first dedicated Islamic banks.

Jointly promoted by Huriah Company LLC, Aabar Investments PJS and Tasameem Real Estate Company LLC for the purpose of offering comprehensive business and retail Islamic banking solutions, al izz islamic bank will strictly be in accordance with Omani law and CBO regulations governing Islamic Banking in Oman.

Marking the establishment of the ambitious financial group in Oman, the corporate identity was unveiled by His Highness Sayyid Taimur bin Asaad al Said in the capital city yesterday which also heralded its soon-to-be- announced IPO.

“al izz islamic bank aims to be a leading participant in the emerging Islamic banking industry, offering comprehensive Islamic banking products and services”, His Highness Sayyid Taimur bin As’ad al Said said on the sidelines of the launch.

“This is a unique opportunity for us to fulfil the unmet demand for Islamic financial products and services in the Sultanate and to contribute to the development of Oman’s economy. Being one of the first Islamic banks, we hope to set benchmarks in the Islamic banking sector by providing customised, competitively priced and innovative Sharia compliant products, with the comfort and convenience of modern banking technologies”.

The name ‘al izz’ implies pride and prosperity. The logo is inspired by an Islamic artistic pattern that captures the traditional values of al izz islamic bank, while the colours of blue and silver sets the bank’s tone of modernity. The silver calligraphy of the al izz islamic bank name in the centre is symbolic of the integral role the bank plays in the lives of individuals. The pattern radiating outward depicts the bank’s influence and commitment to the larger community.

Speaking on the occasion, Jamal Darwiche, Chief Operating Officer designate, al izz islamic bank said, “The identity and value proposition captured as ‘Pure Banking. Pure Life’, is a reflection of the bank’s core philosophy, our commitment to the business, the principles on which we will operate the bank and the values that we hold dear”.

Mohamed Badawy al Hussaini, Chief Executive Officer of Aabar Investments PJS said, “We are delighted to be a cornerstone investor in al izz islamic bank. It will be one of our largest investments in the region. It builds on our significant investments in financial services in key European and Asian markets and affirms our confidence in the outlook for Oman and wider Gulf financial services markets”.

Aabar Investments PJS, an Abu Dhabi-based company, invests in a variety of sectors including infrastructure, aviation, real estate, automotive, commodities, energy and financial services. Tasameem Real Estate Company LLC, an investment company headquartered in the UAE, has investments in several industries ranging from general investments, real estate, construction, financial Institutions, branded restaurants and other sectors across the UAE, GCC, Europe, Asia and North America.