Muscat: Bank Nizwa is going to request the Central Bank of Oman (CBO) for allowing the bank to get relaxation in deploying funds in overseas markets for a certain period, until Sharia-compliant products are available within the domestic market.
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The bank is going to discuss with the CBO for extending the ceiling on overseas investment, until the bank finds these assets in Oman, Dr Jamil Jaroudi, Chief Executive Officer of Bank Nizwa, told Times of Oman, on the sidelines of a seminar on opportunities in Islamic finance in Oman organised by Thomson Reuters in conjunction with the CMA.
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"Otherwise, you will have Islamic capital sitting idle in the country. They are positive and flexible. We have to go and present them," he added.
.Dr Jaroudi said although Oman benefitted from being a late-comer in Islamic banking by learning from the mistakes of others, he said there are restrictions in the new law that does not allow Islamic banks to achieve their full potential. "One of the investment opportunities for Islamic banks is equity participation. However, we are not allowed to invest in a company more than five per cent as an investor. I do not have control (on the company), nor advice the company by nominating a director."
.Read more: http://www.timesofoman.com/News/Article-9300.aspx
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