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Bank Nizwa eyes maiden profit in 2014

Jamil Al Jaroud, the chief executive of Oman's first Islamic bank, Bank Nizwa, has said the lender sees a maiden profit two and a half years after the start of its operation planned next month, Times of Oman has reported. "We aim to make our first profit in 2014 though we would like to make it happen sooner in the first year of our operation but that may not be possible," Al Jaroud said. "We will start our operation two weeks after that with three branches, in Nizwa, Sohar and Muscat. Eighteen months after the start of our operation, we hope to open about seven branches nationwide," he said.