Banks in Oman to see cost benefit of offering Islamic banking services
- Oman: Sunday, September 02 - 2012 at 09:46
KPMG Oman has said conventional banks in Oman that fail to offer Islamic banking services risk an exodus of customers in favour of market rivals offering Shari'ah-compliant financial services in the Sultanate, Oman Daily Observer has reported. "Conventional banks are likely to lose some customers, if they do not offer Islamic banking services through window operations," said Khalid Yousaf, Director of Islamic Finance Advisory Services, KPMG Oman. "Opening an Islamic window operation is a safe strategy because it requires less capital while sharing a common cost base with additional business. This strategy therefore, compares favourably against establishing a full-fledged Islamic banking subsidiary," said Yousaf.
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