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Oman’s Al Izz set to operate as Islamic bank

Oman's central bank has granted Al Izz International Bank a license to operate as a fully-fledged Islamic bank, Reuters has reported. The approval comes as part of the Sultanate's drive to open doors to Islamic finance. Ali Hamdan al-Raisi, vice president of Oman's central bank has said that lender Bank Nizwa received the first such license in May to open as a fully-fledged Islamic institution.