Al Yusr Holds the First Shari’ah Supervisory Board Meeting for 2018

Muscat, April 22, 2018: Al Yusr, the Islamic Banking Window of Oman Arab Bank (OAB), recently held its first Shari’ah Supervisory Board meeting for the year 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 Shari’ah 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 Shari’ah Department staff. The meeting reviewed the most important activities and works achieved during the first quarter of 2018. The board reviewed reports issued by the Internal Shari’ah Department of the Islamic Window, including the Shari’ah audit and compliance reports as well as the most important banking jurisprudential issues faced by the Islamic Banking Window during the same period.

Commenting on the importance of such meetings, Dr. Khalifah 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 (our first meeting for the year 2018), focused on reviewing the most important activities and works achieved during the first quarter. In addition, it discussed the path forward 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 (CBO). As such, on behalf of the Al Yusr team, I would like to express my sincere thanks to all Board members for their continued support in helping us provide quality services and products that are in line with the principles of Islamic Banking.”

The members of the Board expressed their appreciation for the efforts of Al Yusr and its employees in offering Shari’ah 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 Shari’ah Department and the quality of services offered. This significant development had a direct impact in raising the level of trust and awareness of the community in Islamic Banking, which will contribute to the growth of market share for Islamic Banking in the Sultanate.

Al Yusr is the Islamic window of OAB. Established in 2013 and started its operations on July 14 of the same year, the Islamic banking window 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 ATM’s located across Oman. Al Yusr Islamic Banking Window provides its retail and corporate customers as well as investors a wide range of shari’ah compliant products and services.