No plan to allow foreign Islamic banks for time being, says CBO

Central Bank of Oman (CBO) does not plan to allow foreign Islamic banks to set up operations in the sultanate for the time being as it assess the market size and demand for the next two to three years.

Speaking to reporters on the sidelines of the Oman Second Islamic Banking and Finance Conference at the Al Bustan Palace Hotel on Sunday, H E Hamood Sangour al Zadjali, executive president of CBO, said, "Foreign banks have shown some interest in setting up Islamic banking operations in the sultanate, but we will first give opportunity to local banks and see how the market develops. Accordingly, we will decide whether we need to expand the number of Islamic banking units or not."

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