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Morocco’s central bank, Bank Al Maghrib, gave its approval to five Islamic banks to start operating in Morocco and allowed three French banks to sell Islamic products. The central bank added in a statement that it has set up a Read more
Oman’s banking sector is expected to register a significant growth in the Islamic banking sector by 2020 according to the chief executive officer of Bank Nizwa Dr Jamil El Jaroudi. Islamic banks have registered important growths against conventional banks in Read more
State owned Oman Development Bank (ODB) could be opening an Islamic window rather than becoming an Islamic bank, according to the Assistant General Manager for branches of the bank, Hamed bin Salim Al Harthy. Oman has been the slowest country Read more
Banks in Oman fear that the restriction on the money market instruments to be introduced in preparations for the introduction of Islamic finance by the end of the year might affect fund and profit management. The draft of the rules Read more
Abu Dhabi Islamic Bank (ADIB) is considering a sale to boost its core capital ratios ahead of an investors meeting on Wednesday. It’s the largest sharia-compliant lender by market value in Abu Dhabi and rarely issue sukuks. A source at Read more
Merging talks are at an advanced stage between Ithmaar Bank, Bahrain’s sixth-largest bank by market capitalization, and First Leasing Bank, the Islamic lender. The proposed merger has already been given the nod by both banks but their shareholders will have Read more
Three Islamic Banks in the Kingdom of Bahrain will be deciding on whether to give a green light in what will become the first merger in shareholder meetings to be held by the end of the month. A positive response Read more
In their aspirations to be competitive in the much heated financial and banking sector that the world is witnessing alongside the economic crisis, Kuwait, through the Governor of the Central Bank, has announced new rules concerning loans offered by banks Read more