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alizz islamic bank elects chairman

by Times News Service
November 24, 2012 , 3 : 00 am

His Highness Sayyid Taimur bin As�ad bin Tarik Al Said and Mohamed Badawy Al Husseiny. � Supplied picture

Muscat: The board of alizz islamic bank, which recently concluded its RO40 million-initial public offering, has elected His Highness Sayyid Taimur bin As'ad bin Tarik Al Said as Chairman and Mohamed Badawy Al Husseiny as Deputy Chairman of the bank. The board meeting was held after the bank's constitutive general meeting (CGM) of shareholders on November 20 for electing the board members.

Experienced directors
The board constitutes experienced directors with extensive expertise in financial services. Trading of the bank's shares on the Muscat Securities Market (MSM) is expected to commence on December 3, 2012.

More than 87 per cent of shareholders voted in person or by proxy at the CGM to elect the first board, which includes HH Sayyid Taimur bin As'ad bin Tarik Al Said, Ahmed Al Khonji, Shabib Mohamed Al Darmaki, Mohamed Badawy Al Husseiny, Mohamed Al Fahim, Mohamed Ghanem and Khalifa Al Mehairi. Speaking on the occasion, HH Sayyid Taimurbin As'ad bin Tarik Al Said said,

"This milestone marks a key step in our ambition for alizz islamic bank to become Oman's leading Islamic bank. Our vision is to provide innovative financial services and solutions that adhere to the principles of Shari'ah and that are delivered within a framework of exceptional and responsive customer service."

'Successful IPO'
Thanking the shareholders, Capital Markets Authority and the Central bank of Oman for their support, HH Sayyid Taimur bin As'ad bin Tarik Al Said added, "The successful completion of the recent IPO and your presence today confirms your confidence in the vision of alizz islamic bank. We are proud to be part of the future of banking in Oman."

Supported by Oman's progressive business environment, strong demand for Islamic banking products in Oman and the commitment of the promoters and shareholders, the new board is confident of the bank's successful and timely launch of a comprehensive offering of best of breed Islamic banking solutions.

alizz islamic bank is promoted by Huriah Company, Aabar Investments PJS, First Energy Oman and Tasameem Real Estate Company and has recently successfully completed its initial public offering (IPO). alizz islamic bank aims to offer comprehensive business and retail Islamic banking solutions in accordance with Omani law and the CBO regulations governing Islamic banking in Oman.

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