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Bank Nizwa gets investment banking licence



Muscat: Bank Nizwa, Oman's first full-fledged Islamic bank, has received an investment banking licence that will allow it to manage funds and issue instruments such as Islamic bonds, the bank said in a stock market filing.

The bank launched operations in January and is gradually rolling out a range of Sharia-compliant products, aiming to grab a five per cent share of the country's overall banking market in five years. The licence enables Bank Nizwa to offer a wider range of Islamic finance products, especially involving equity participation and the offering of investment product opportunities to the public.

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