Maisarah Islamic Banking services, the Islamic window of BankDhofar, is to open four more branches in Oman by the end of this year.

The bank aims to improve the availability of Sharia-compliant letters of credit (L/Cs) and bank guarantees in the sultanate.

New branches

According to Maisarah's chief Islamic banking officer, Sohail Niazi, the first new branch will open during March in Sohar. A further three branches will open at yet to be disclosed locations in Oman later this year.

Established in 2013 in Oman, where Islamic banking has less penetration than it does in other Gulf countries, Maisarah already has branches in Azaiba and Salalah.

Product range

In the last twelve months, BankDhofar's Islamic window has introduced a dozen corporate, retail and treasury products to serve the Omani market.

Corporate and small- and medium-sized enterprises are offered Sharia-compliant L/Cs and guarantees as well as several other types of Sharia-compliant services.

These include real estate, construction and project finance solutions as well as an Islamic alternative to a conventional overdraft facility.

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