Aabar plans big investment in Omani bank
Dubai, July 31, 2012
Aabar Investments, one of the key strategic investment vehicles of Abu Dhabi, has announced plans to invest heavily in Oman’s Al Izz Islamic Bank in its role as a corner stone investor.
The Al Izz Islamic Bank is jointly promoted by Huriah Company, Aabar Investments and Tasameem Real Estate Company for the purpose of offering comprehensive business and retail Islamic banking solutions.
The bank is currently under formation and is preparing for an initial public offering of its share capital in Oman.
Commenting on the move, Aabar Investments CEO Mohamed Badawy Al – Husseiny 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 builds on our significant investments in financial services in key European and Asian markets and affirms our confidence in the outlook for Oman and wider Gulf financial services markets, he noted.
The new Islamic bank also unveiled its corporate identity on Tuesday.
This marks the establishment of an ambitious financial group that is being achieved through the close cooperation of a number of lead investors from the collegiate of Gulf states and will be focused on offering Shari’ah compliant financial solutions to Oman’s corporate and retail banking customers, said senior officials at the ceremony.
This is also a significant milestone in the banking industry in Oman, as Al Izz Islamic bank will be one of the country’s first dedicated Islamic banks.
The corporate identity launch is an important showcase of the bank’s progress and is the first public announcement as it prepares for its IPO.
Al Izz Islamic bank aims to be a leading participant in the emerging Islamic banking industry, offering comprehensive Islamic banking products and services, said Sayyid Taimur Bin As’ad Al Said who unveiled the corporate identity.
'Being one of the first Islamic banks, we hope to set benchmarks in the Islamic banking sector by providing customized, competitively priced and innovative Shari’ah compliant products, with the comfort and convenience of modern banking technologies,' he noted.
The identity, he said, was inspired by the purity of thought and deed that Islam preaches and the bank’s commitment to project those values across its offering of corporate and retail banking solutions.
Jamal Darwiche, the chief operating officer designate, Al Izz Islamic bank said, “The identity and value proposition captured as ‘Pure Banking. Pure Life’, is a reflection of the bank’s core philosophy, our commitment to the business, the principles on which we will operate the bank and the values that we hold dear.”
'The name ‘al izz’ implies pride and prosperity. The logo is inspired by an Islamic artistic pattern that captures the bank's traditional values, while the colours of blue and silver sets the bank’s tone of modernity,' he explained.
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, he added.-TradeArabia News Service
More Finance & Capital Market Stories
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson