Dar Al Sharia Legal & Financial Consultancy, Dubai Islamic Bank’s (DIB) Sharia consultancy and Sharia advisory subsidiary, has entered into an agreement to provide consultancy services to the fourth largest bank in Oman, Bank Sohar.

Following last year’s decision by the Central Bank of Oman to allow banks in the Sultanate to offer dedicated Islamic banking windows, Dar Al Sharia will help Bank Sohar bring authentic Sharia-compliant banking products and services to customers in Oman.
 
Under the agreement, Dar Al Sharia will advise Bank Sohar on the development of Sharia-compliant products, as well as on matters concerning Sharia governance and documentation.

Bank Sohar has identified three key areas to ensure that its Islamic window is genuine and authentic, namely, proper training and development of staff; certified Islamic banking system of operations; and products that are fully grounded in Sharia Law and supported by Fatawa from respected scholars.

Dr Hussain Hamed Hassan, managing director, Dar Al Sharia, a renowned Sharia scholar and chairman of DIB Sharia Board, said: “The move by Bank Sohar to begin Islamic banking operations is well timed, given the significant efforts by the Central Bank of Oman towards promoting the Islamic finance industry in the Sultanate.” – TradeArabia News Service