Opening new avenues

inthenews-aug-12-1

Al izz islamic bank has launched its corporate identity, as an important showcase of its progress ahead of the upcoming IPO.

al izz islamic bank (under formation) recently unveiled its corporate identity, marking the establishment of an ambitious financial group that will be focused on offering Sharia-compliant financial solutions to Oman’s corporate and retail banking customers. The launch is an important showcase of the bank’s progress and is the first public announcement as it prepares for its initial public offering (IPO). al izz Islamic bank aims to be a leading participant in the emerging Islamic banking industry, offering comprehensive Islamic banking products and services.

Unveiling the logo, His Highness Sayyid Taimur bin As’ad Al Said observed, “This is a unique opportunity for us to fulfil the unmet demand for Islamic financial products and services in the Sultanate and to contribute to the development of Oman’s economy.Being one of the first Islamic banks, we hope to set benchmarks in the Islamic banking sector by providing customised, competitively priced and innovative Sharia-compliant products, with the comfort and convenience of modern banking technologies.”

Speaking on the occasion, Jamal Darwiche, chief operating officer (designate), al izz islamic bank said, “Islamic banking will be the fastest growing banking segment in the local market. Once launched, we expect this segment to grow rapidly, and account for around 20 per cent of the overall banking market within five years. al izz Islamic bank believes that the global Islamic banking growth is likely to accelerate further with the opening of new markets.

Islamic banking assets with commercial banks in Middle East and North Africa are now in excess of $500bn. In GCC alone, more than one fourth of the banking system is now Sharia-compliant. Oman is set to make history with the imminent launch of Islamic banking in the country and the estimated planned investment in Islamic banking system in Oman could top $1 billion.”

The bank is committing itself to building an inclusive financial system, reaching out to the previously unbanked segments including the small and medium enterprises in the country. Further, it will be a catalyst to attracting Sharia-compliant foreign direct investment for priority sectors such as infrastructure, power, transportation and industry thus opening new avenues for commerce and development.

Integral role
The name ‘al izz’ implies pride and prosperity. The logo is inspired by an Islamic artistic pattern that captures the traditional values of al izz islamic bank, while the colours of blue and silver sets the bank’s tone of modernity.

The silver calligraphy of the al izz islamic bank name in the centre is symbolic of the integral role the bank plays in the lives of individuals. The pattern radiating outward depicts the bank’s influence and commitment to the larger community.

Speaking on behalf of the founding shareholders, Mohamed Badawy Al Husseiny, chief executive officer of Aabar Investments, said, “We are delighted to be a cornerstone investor in al izz Islamic bank. It will be one of our largest investments in the region.

It may be recalled that the Central Bank of Oman (CBO) had issued licences to two Islamic banks – Nizwa Bank and al izz islamic bank – which are under formation and likely to start operations as soon as the legal and regulatory framework for Islamic banks is finalised which is expected any time after Ramadan.


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