Search: 
Last updated on July 23, 2014
Homepage | Archives | Contact Us | Week in Town | About Us | Register  Sign In   Email Us Text: Large | Medium | Small
UK 'still exporting arms' to Russia |  Lib Dem MP criticised for Gaza tweet |  Glasgow ready for 2014 Games opening |  Labour's Frank Dobson to quit as MP |  Paedophile singer seeks sentence cut |  Selfie 'sexters' in child sex warning |  Call to end FGM 'in this generation' |  Man City U21s walk off in racism row |  'Fewer degree offers' for minorities |  Queen's horse fails drugs test |  Tajik spy charge academic freed |  Road death pair 'made 999 request' |  Harrison tree killed by beetles |  Prince George pictures mark birthday |  NI leaders congratulate McIlroy |  Coroner in dealers manslaughter call |  National parks review 'within weeks' |  Mother left girl, four, home alone |  Leaders hail Glasgow 2014 legacy |  Call for greater silica safeguards |  Guest house landlady was stabbed |  Appeal over burned body in archway |  Boxer Evans out of Glasgow Games |  Which sport are you made for? Take our test |  Celtic 4-0 KR Reykjavik (agg 5-0) |  The children left behind in hot cars |  The Edwardian attempt to merge tennis and cricket |  The 90-year-old sex guru |  EU to widen Russia sanctions |  'Disturbing' Trojan inquiry findings |  175,000 migrants 'still missing' |  VIDEO: House of Commons |  VIDEO: The Commonwealth Games in 60 seconds |  VIDEO: Play highlights housing frustration |  VIDEO: Would you eat a 'waste' food curry? |  VIDEO: Birthday celebrations for Prince George |  VIDEO: Litvinenko death inquiry announced |  VIDEO: Thousands camping for Glasgow Games |  VIDEO: Crowds welcome 'Lusty' for last time |  VIDEO: Albarn praises 'brave' Latitude |  How would the UK fare without Scotland? |  Help to cope with a parent in prison |  Who was Alexander Litvinenko? |  How many times did court doors close? |  A child abuse 'out of the ordinary' |  Five ways Aldi cracked the supermarket business |  How Goldfrapp put Medea to music |  Glasgow 2014: Getting to the Games |  UK's 'hypocrisy' over Russia - front pages | 


 [HyperLink20]
Tip Us Off
Events
> More Events
 
 Apex BusinessToday Muscat Daily Al Isboua Al Youm
Nbo unveils Muzn Islamic Banking
Our Correspondent, July 11, 2012 Email to a friend  | Print
Not Rated Rate This Article
 

Last week, National Bank of Oman (NBO) unveiled its new Islamic banking portal, Muzn Islamic Banking to members of the media and public. This launch makes NBO the latest bank to offer Sharia compliant Islamic banking, an industry that has gone on to become one of the fastest growing in Oman. Ehab Hashish will head Muzn.

At the launch, Ahmed al Musalmi, deputy CEO of NBO, said that Muzn Islamic Banking will provide customers the option of availing a banking service that is in compliance with their religion. However, he also added that there was very limited understanding of what Islamic banking even meant. “Although, since the passing of the Royal Decree for Islamic banking last year the sector has grown rapidly in this country, a lot of people are still not sure what Islamic finance is and it is for this reason that we will be undertaking a lot of workshops to educate people about it,” he said.

The name Muzn is the Arabic word for rain clouds that signify prosperity, according to Ahmed, while Sheikh Khalfan al Esry, Muzn’s Sharia supervisory board member, added, that the logo’s green colour not only signifies the colour of Islam but is also associated with growth. He said, “Islamic banking gives people an alternative that they have sought for a long time.”

On the company’s beliefs, Ahmed said, “We believe in faith, honesty and clarity at NBO and we promise that Muzn will adhere rigorously to Sharia principles and to the highest standards of professional conduct, corporate governance and ethics.” He added that Muzn will ensure transparency in banking with other non-Islamic banking institutions as well.

Khalfan said that just because Muzn was an Islamic banking institution, it did not mean that customers needed to be Muslim to avail their services. “It’s called Islamic banking but it might as well be just called ‘ethical’ banking,” he said. Muzn Islamic Banking is working on a few regulatory approvals after which the service will be made available to customers.

  

Reader Comments

Be the first one to post your comment
All posts are sent to the administrator for review and are published only after approval. TheWeek reserves the right to remove any comment at any time for any reason.

Post a Comment  
Please click post only once - your comment will not be published immediately

 

 



MyWeek
 

Shot of the Week

Poll
 


  © Apex Press and Publishing, P.O. Box 2616, Ruwi 112, Muscat, Sultanate of Oman Tel: +968-24799388 Fax: +968-24793316
Developed By Omania E-Commerce