Bank Nizwa SAOG, Oman’s first Islamic bank, recently received the ‘Investment Banking license’ based on the Administrative Decision issued by Capital Market Authority on 22nd July 2013, which allows the Bank to practice a number of activities related to the capital market sector; including, Issue Management, Managing Investment Funds and Issuing of Structured Instruments.
Commenting on the new development, Sayyid Amjad Mohammed Ahmed Al Busaidi, Chairman of Bank Nizwa said, “Securing the ‘Investment Banking license’ has given further impetus to Bank Nizwa ‘s efforts that aim at offering a holistic Islamic banking experience to the customers. Islamic finance is a bona fide component of the Sultanate’s financial infrastructure and this recent development is critical as it offers additional opportunities, within the Shari’a framework, to the customers in Oman.”
The license enables Bank Nizwa to offer a wider range of Islamic finance products, especially involving equity participation and the offering of investment product opportunities to the public.
Source : Press Release
