Fully underwritten Alizz Islamic Bank IPO opens for subscription

Alizz Islamic Bank is promoted by sophisticated local and regional investors with a successful track record in Islamic banking and financial services. The promoters are Huriah Company LLC, Aabar Investments PJS, First Energy Oman and Tasameem Real Estate Company LLC.

The promoters have already contributed OR61.2m, representing 60% of the Share Capital at Bzs 102 per share. The IPO for 40% of the Share Capital comprises 400 million Shares and is also priced at Bzs 102 per Share. On completion of the IPO, Alizz Islamic Bank will have a paid up Share Capital of OR100m.

The IPO is lead managed by Bank Muscat and has been fully underwritten by leading Omani financial institutions.

Announcing the launch of the IPO on behalf of Huriah Management LLC, Mr. Ahmed Alkhonji said, "We are very proud to be supporting the establishment of Islamic banking in Oman. The large unmet demand for Islamic banking means that Alizz Islamic Bank is uniquely placed to become a market leader for banking products. We are delighted to have Aabar, First Energy Bank and Tasameem as our partners and the bank will benefit immensely from their considerable international experience."

Coinciding with the IPO launch, Alizz Islamic Bank today unveiled its vision "to be Oman's leading Islamic Bank that facilitates commerce and development through innovative financial solutions consistent with the principles of Islamic banking."

Growth in Islamic banking has outstripped conventional banking growth across GCC markets, and is now valued at around $300bn by asset value. The promoters are confident that Oman will experience similar growth in its new Islamic banking market and that Alizz Islamic Bank is uniquely placed to become a market leader.

Alizz Islamic Bank is committed to delivering comprehensive commercial and retail banking solutions to the people of Oman. It intends to roll out an innovative suite of Shari'ah-compliant products, delivered to market-leading standards and supported by exceptional customer service.

The Alizz Islamic Bank IPO is backed by strong promoters with extensive experience in Islamic banking and financial services.

Aabar is an experienced financial services investor and a key strategic investor of Abu Dhabi. It has significant investments in UniCreditSpA, a leading European commercial bank, and RHB Capital Berhad, one of Malaysia's largest commercial banks. It also owns Falcon Private Bank, a leading Swiss-based private bank.

Highlighting Aabar's strategic role in the development of Alizz Islamic Bank, Mr. Mohamed Al Fahim, board director of Aabar, said, "Aabar is delighted to be supporting the establishment of Alizz Islamic Bank. This is a strategic investment for Aabar that builds on our established investment success in global financial services. We are pleased to support the availability of Islamic banking solutions to the people of Oman and are confident in the Bank's strong investment case."

First Energy Bank has a successful track record in Islamic investment banking in the MENA region. Mr. Mohamed Ghanem, Acting CEO, today said, "We are excited to be part of Alizz Islamic Bank. As one of the leading Islamic banks in the region, we have well developed Islamic banking setup expertise. We will continue working closely with the management team and assist where possible. Significant progress has already been made on the bank's operations and we are confident of a successful launch."

The bank's establishment has benefited from a focused promoter group and the Chief Operating Officer designate, Mr. Jamal Darwiche. The promoters' committee has overseen all establishment activities and its members include: Mr.Yeshwant Desai, a former CEO of Bank Muscat, who was instrumental in the establishment of Industrial Bank of Oman and Bank Sohar; Mr. Mohamed Badawy Al-Husseiny, CEO of Aabar Investments who has overseen the financial services investments made by Aabar, including the investments in UniCreditSpA, RHB Capital and Falcon Private Bank; and Mr. Mohamed Ghanem, Acting CEO of First Energy Bank, who has over 11 years of experience in regional financing markets.