(MENAFN - Muscat Daily) Alizz islamic bank will launch its initial public offering (IPO) of 400mn shares on September 22. This follows the administrative decision of the Capital Market Authority (CMA) approving the prospectus for the offering.Alizz islamic bank is promoted by Huriah Company, owned by H H Sayyid As'ad bin Tarik al Said, Aabar Investments, which is 95 per cent owned by the International Petroleum Investment Company of Abu Dhabi, First Energy Oman, a wholly owned subsidiary of First Energy Bank of Bahrain and Tasameem Real Estate, an investment company headquartered in the UAE.Jamal Darwiche, chief operating officer-designate of the bank, said, ''Islamic banking in Oman has the potential to draw unbanked sections of the population into the market. Against the GCC average of 114 per cent, Oman's banking penetration was 70 per cent in 2010, suggesting ample room for growth in the Omani banking sector including Islamic banking.By 2015, Islamic banking assets in Oman are expected to exceed RO2bn, representing ten per cent of total banking assets. With strong and experienced promoters, alizz bank is well positioned to become the market leader by leveraging its early-mover advantage.'' The promoters, according to a press release, have already contributed RO60mn, which will represent 60 per cent of the share capital of alizz.The bank will be constituted on completion of the IPO with a paid up share capital of RO100mn. The offer proceeds along with the promoters' capital will be used as Tier 1 capital of alizz bank and will fund pre-commercial launch operating costs and initial operations, until such time as alizz bank's cash flows are sufficient to meet these expenses.The offer price for each share has been fixed at 102bz, comprising the nominal value of 100bz per share and a 2bz per share contribution towards the issue expenses of the IPO. The IPO has been fully underwritten, at the offer price of 102bz per share, by seven banks and investment companies in Oman.