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Wednesday, 24 June 2015

OAB’s Islamic banking arm gets nod for new products

MUSCAT: New products and services that Al Yusr, the Islamic banking arm of Oman Arab Bank (OAB), will launch have been reviewed and approved at the seventh Sharia Supervisory Board (SSB) meeting held recently.

One such key product deliberated at the Sharia board meeting was ‘Al Yusr Running Musharakah product’, a Sharia-compliant solution to cater to business requirements of regular operating and overhead expenses and to fulfil the cash-flow demand of the customers.

As part of the commitment to contribute to the growth of the Islamic banking industry in the Oman, Al Yusr always comes up with innovative and value-added products and services that are being developed, keeping in mind the unique individual and business needs of the people in the Sultanate, said the bank.

In order to ensure full compliance with Sharia, the Sharia Supervisory Board reviewed the ‘Post product implementation’ of Al Yusr products and services to ensure that they are in line with the Sharia rules and principles. The Sharia Board also reviewed and approved the Sharia audit plan for 2015.

The meeting was held at the bank’s corporate office presided over by Dr Essam Al Enezi, head of the Al Yusr Sharia Supervisory Board, and attended by Abdul Qader Shir Al Bulushi, general manager, Al Yusr and other senior officers.

Abdul Qader Shir Al Bulushi, while appreciating the Sharia Supervisory Board members, said that such regular meetings with the Sharia Board scholars who have vast knowledge of Islamic banking and finance, is pivotal in expanding the Islamic banking concepts and knowledge among the management, staff and clients.

Overall, it will create awareness among the public in the Sultanate, he added.

In the past, the Al Yusr Sharia Supervisory Board members have conducted several presentations and seminars on Islamic banking and finance in Muscat and Salalah.

(Times Of Oman / 23 June 2015)
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