BankDhofar set to launch Islamic banking

MUSCAT BankDhofar has appointed Deloitte and Touche for a market assessment and feasibility study into launching of Islamic window services at the bank, a press release said.

The bank has also appointed a new head of Islamic banking to prepare it to handle the new service.

BankDhofar is planning to implement Islamic financial services and has already invested in training programmes for executives, providing them with insights into planning and executing Islamic banking products and services.

This study is in response to the Royal Decree issued last year by His Majesty Sultan Qaboos Bin Said.

“At BankDhofar we are planning to offer customers Sharia compliant products and services through dedicated service channels,” said Mohamed Redha Jawad, general manager, Wholesale Banking.

“The feasibility study will enable us to offer customers the best services possible and to ensure that we are abreast of all new regulations and standards for Islamic financial services,” he said.

With assets worth around 1.5 billion rials, BankDhofar, is ranked number 1, as the “Best Bank in Oman 2010” by the Oman Economic Review-Gulf Baader Capital Markets, Business Today’s ‘Banks & NBFCs’ survey conducted by Ernst & Young and “Best Bank in Oman” by the pre-eminent international finance magazine Euromoney.