Muscat: Al Yusr, the Islamic Banking Window of Oman Arab Bank (OAB), recently held its first Sharia Supervisory Board meeting for 2018. The meeting, held at the Al Yusr administrative office in Al Ghoubra, was attended by Dr Essam Al Enezi, Chairman of the Al Yusr Sharia Supervisory Board, Dr Ahmad Ayyadi, Dr Abdulaziz Al Qassar, Dr Khalifah bin Ahmed Al Ghammari, General Manager of the Al Yusr Islamic Banking Window, and Internal Sharia Department staff.
The meeting reviewed the most important activities during the first quarter of 2018.The board reviewed reports of the Internal Sharia Department, including the Sharia audit and compliance reports, as well as the jurisprudential issues faced by the Islamic Banking Window during the period.
Al Ghammari said, “As per our financial results for the year ending December 2017, Al Yusr entered profitability, marking a significant milestone for us. This meeting (the first in 2018), focused on reviewing the most important activities and works during the first quarter.”
“In addition, it discussed the path ahead for the upcoming year to ensure sustainable growth, whilst ensuring continued adherence to the stipulated regulatory framework for Islamic Banking Services as set by the Central Bank of Oman. As such, on behalf of the Al Yusr team, I would like to express my sincere thanks to all the Board members for their continued support in helping us provide quality services and products that are in line with the principles of Islamic banking,” he added.
The members of the board expressed their appreciation towards the efforts of Al Yusr and its employees in offering Sharia-compliant banking products that meet the needs of all customers, individuals, and institutions. The Board also praised the team for achieving profitability and for the remarkable growth in efficiency of the Internal Sharia Department and the quality of the services offered.
This had a direct impact on raising the level of trust among the community in Islamic Banking, which would contribute to the growth of the market share of Islamic banking in the Sultanate.
Al Yusr started operations on July 14, 2013, and provides its services via seven branches: two in the Muscat Governorate (Athaiba and Wattayya), and others in Salalah, Nizwa, Falaj al-Qabail, Ibra and Al-Buraimi. Al Yusr customers also have access to 148 OAB ATMs located across Oman.
Al Yusr Islamic Banking Window provides its retail and corporate customers, as well as investors with a wide range of Sharia-compliant products and services.