(MENAFN - Khaleej Times) Aabar Investments will make one of the biggest ventures in the region as it is leading a trio that is setting up Oman's first Islamic bank.
Al Izz Islamic Bank, which is under formation, is being jointly promoted by Abu Dhabi's Aabar, Oman's Huriah Company and Dubai-based Tasameem Real Estate Company.
"The Islamic lender will offer comprehensive business and retail Islamic banking solutions, in accordance with Omani law and CBO regulations governing Islamic Banking in Oman," the bank said in a statement on Tuesday.
The bank is preparing for an IPO of its share capital in Oman. The incorporation and registration of Al Izz Islamic Bank will be finalised in accordance with the requirements of Omani law and the relevant Omani authorities following the closing of the IPO, it said.
Mohamed Badawy Al Husseiny, chief executive officer of Aabar Investments, 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 added.