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Alizz Islamic expects first profit in second year
- Oman: Tuesday, September 25 - 2012 at 08:29
Oman's Alizz Islamic Bank, which launched its initial public offering on Saturday, has said it is expected to post its first profit in the second year of operations. The bank aims to capture a 20% market share in the sultanate's Islamic banking sector over the next five years, said chief operating officer Jamal Darwiche. "We expect to achieve a 3.5% market share in Oman's banking sector and a nearly 20% share of the Islamic market by 2017," he said. "As per our conservative projections, the bank is expected to make its first profit in the second year of operations."
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