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Bank Sohar shares slip despite 50% profit surge in H1

The Muscat Securities Market (MSM) 30 Index declined the third session straight Tuesday, ending off 0.65% at a 13-month low at 5,496.47 points. Shares of Bank Sohar closed 0.70% lower at RO0.145. On Monday, the Omani lender reported a 49.6% surge in net profits during the first half of 2012, amounting to RO10.36m, the Muscat Daily reported. In order to build up its Islamic window, Bank Sohar said on June 27 it opted for the Shari'ah-banking core banking software "iMal" from Path Solutions. The Sultanate of Oman legalised Islamic banking in 2011 May 2011. Conventional banks are allowed to establish Islamic windows since January 1 2012.