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Oman to consider licences for foreign Islamic banks in 2-3 years
- Oman: Tuesday, March 19 - 2013 at 07:33
Oman has no plans for the time being to allow foreign Islamic lenders to set up operations in the sultanate, as it assesses the market size and demand for the next two to three years, Muscat Daily has reported. "Foreign banks have shown some interest in setting up Islamic banking operations in the sultanate, but we will first give opportunity to local banks and see how the market develops," said the executive president of the central bank, Hamood Sangour al Zadjali. "We need about two to three years to see how the market settles down and after that we may consider whether to add more banks or not. I think for the time being two Islamic banks and six Islamic banking windows should be enough for the market," he said.
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