Oman International Bank is looking to grab a slice of the US$1 trillion Islamic finance market.
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That was the reading from analysts yesterday after the bank announced it was considering a "strategic alliance" with another financial institution.
"This strategic review will evaluate potential operating models for the future and will consider whether the bank should remain independent, whether it should form a strategic alliance with another leading financial institution or whether it should pursue other different forms of cooperation," the lender said in a filing to the Muscat Securities Market.
The statement follows a decree in May from Oman's ruler, Sultan Qaboos bin Said, paving the way for the country's first standalone Islamic bank, Nizwa Bank. The decree also opened the door for conventional banks to add Islamic products to their offerings.
The announcement yesterday was seen as a step in that direction. "It is a positive move. The bank is clearly looking to find opportunities that will take them to the next phase of growth," said Kanaga Sundar, the head of research at Gulf Baader Capital Markets in Muscat. "They may look at strong regional players who have expertise in Sharia-compliant offerings and other businesses."
The stock closed almost 2 per cent higher at 0.264 rials on the Omani bourse. Oman's benchmark index was down 0.2 per cent at 5,926.43 points in a broadly negative session for Gulf markets.
"Conventional lenders should benefit from operating Islamic windows as it will provide a means to diversify revenue and [assist] potential volume growth," Mr Sundar said.
The news came as the country was hosting its first Islamic banking conference. Representatives of regional Islamic financial institutions and Omani banks met in Muscat to map out a strategy for the country to become a part of the Islamic finance industry.
The sector is valued at about $1tn globally, says PricewaterhouseCoopers, which also forecast the growth of Islamic finance at 15 to 20 per cent a year.
Oman's biggest lender, Bank Muscat, already offers Islamic banking through its associate Bank Muscat International in Bahrain. National Bank of Oman is likely to turn to its majority shareholder, Commercial Bank of Qatar, for expertise in Islamic banking.
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Women's Prize for Fiction shortlist
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What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
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'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
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About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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Manchester United 1 (Rashford 36')
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Man of the match: Marcus Rashford (Manchester United)
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Men’s wheelchair 200m T34: 1. Walid Ktila (TUN) 27.14; 2. Mohammed Al Hammadi (UAE) 27.81; 3. Rheed McCracken (AUS) 27.81.
How to protect yourself when air quality drops
Install an air filter in your home.
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Shower or bath after being outside.
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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
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Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5