MUSCAT Aug 9 Al Izz Islamic Bank, the second
sharia-compliant lender being formed in Oman, plans to float 40
percent of its shares in September, a bank official said on
Oman awarded two Islamic banking licenses last year, to Al
Izz and Bank Nizwa, reversing its position as the only
Gulf Arab state without banks that offer solely Islamic products
"We are planning our IPO issue worth 40 million rials ($104
million) in September," a senior bank official, who declined to
be identified, told Reuters.
The official said the initial public offering will represent
40 percent of the bank's 100-million rial capital. Bank Muscat
will act as issue manager.
In June, Bank Nizwa, the sultanate's first Islamic bank,
raised 60 million rials in a similar-sized IPO that was 11 times
(Reporting by Saleh Al-Shaibany; Editing by Amran Abocar)