Alizz Islamic Bank

Summary

Alizz Islamic Bank is a full-fledged Islamic bank operating in the Sultanate of Oman, launched on 30 September 2013. ¹

Origins

It was established under Royal Decree No. 69/2012, which amended the banking law to include Islamic banking at licensed banks, either through specialised banks or independent units of existing commercial banks. ¹

Capital

Its paid-up capital is 100 million Omani rials, 40% raised from the public in the IPO and 60% from its promoters; it is a closed joint-stock company. ¹

References

English Wikipedia, "Alizz Islamic Bank", revision 1375928747. ¹

Islamic banks and conventional banks — the difference, the doubts and the performance

The two 'Al-Wasatiyya' episodes on Islamic banks. In the first, 56% of the studio audience said they could not define riba, 79% that they knew nothing of the murabaha, mudaraba, tawarruq and salam contracts, and they split into thirds on whether Islamic banks are free of doubt; in the second, 65% chose to buy by murabaha from an Islamic bank, 57% thought abolishing riba impossible while the world economy runs on interest, and 49% judged Islamic banks' social role weaker. The guests agreed that conventional bank interest is riba and differed over the existing Islamic banks.

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Islamic banks and conventional banks — the difference, the doubts and the performance