Qatar's Islamic bank Masraf Al Rayan said on Monday it had received central bank approval to take a 20 per cent stake in a new, RO25 million ($64.94 million) real estate company in Oman.

Masraf, which offers banking services complying with Islam's ban on the payment or receipt of interest, said National Mass Housing Company would invest in real state both within and outside of Oman.

National Mass would have total authorised capital of RO50 million, Masraf said in a statement on the Doha bourse website, without saying when the new firm would begin operations.-Reuters