Call it Sharia euphoria. Anything in Oman with the words "Islamic bank" in the name has been selling like hot cakes recently.
The surge comes as the sultanate eases long-standing restrictions on the rapidly growing industry and investors plough in.
BankMuscat is the latest beneficiary. Its rights issue, completed yesterday, raised 96.7 million Omani rials. The rights issue was 127.49 per cent oversubscribed - all the more remarkable given the fact Dubai Group, the bank's second-biggest shareholder, did not participate. Dubai Group is an arm of Dubai Holding. The group owns a 14.7 per cent stake in BankMuscat.
The bank said the proceeds would be used for "financing growth resulting from the credit expansion and following general economic growth in Oman, capitalising the Islamic banking business and enhancing capital adequacy ratio to enable readiness for adoption of Basel III when introduced".
The Islamic bank is what is really exciting investors. Oman's largest lender would also start from an established position of strength, unlike newly established rivals.
Bank Nizwa attracted $1.77 billion in an initial public offering concluded in May, which is impressive, considering it has no branches, customers or operations to speak of. And bringing up the rear - but no less potent - is Al Izz Islamic Bank, which boasts support from Abu Dhabi's Aabar Investments and Tasameem Real Estate, two deep-pocketed investors with links to government.
Experience in other markets shows the establishment of Islamic banks has been a "key system growth driver", according to a recent report from Deutsche Bank.
Such lenders grow the size of the market by adding customers who shun bank accounts that bear interest, prohibited under Sharia law.
"We believe BankMuscat will be a key Islamic banking participant, reflecting its incumbent position, its superior distribution infrastructure and likely broad product suite," the report said.
ghunter@thenational.ae
Company%20Profile
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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%3Cul%3E%0A%3Cli%3ECystic%20fibrosis%20is%20a%20genetic%20disorder%20that%20affects%20the%20lungs%2C%20pancreas%20and%20other%20organs.%3C%2Fli%3E%0A%3Cli%3EIt%20causes%20the%20production%20of%20thick%2C%20sticky%20mucus%20that%20can%20clog%20the%20airways%20and%20lead%20to%20severe%20respiratory%20and%20digestive%20problems.%3C%2Fli%3E%0A%3Cli%3EPatients%20with%20the%20condition%20are%20prone%20to%20lung%20infections%20and%20often%20suffer%20from%20chronic%20coughing%2C%20wheezing%20and%20shortness%20of%20breath.%3C%2Fli%3E%0A%3Cli%3ELife%20expectancy%20for%20sufferers%20of%20cystic%20fibrosis%20is%20now%20around%2050%20years.%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Killing of Qassem Suleimani
