Omani lender Bank Nizwa, the sultanate's first full-fledged Islamic bank, plans a steady expansion of its retail network with a view to capturing a 5 percent share of the total banking market, according to its chief executive.
Oman's Bank Nizwa, the sultanate's first Islamic bank, plans to attract some of the funds held abroad at other Gulf Islamic banks in order to grow, its chief executive said.
"The amount of Omani money deposited in Islamic b
Omani lender Bank Nizwa, the Sultanate's first Islamic bank, attracted RO681 million ($1.77 billion) of bids in its initial public offer of shares, 11 times the sum which it was raising, the lead manager for the IPO said on Saturday.
Omani lender Bank Nizwa, the sultanate's first Islamic bank, plans to raise $156 million by selling 40 per cent of capital in an initial public offering on the Muscat Securities Market.
The bank is not yet operational and has only a re