The Halal Times
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COVID-19 coronavirus is here to stay. This is a painful fact none of us can ignore anymore. Central banks around the world have been using various mixes of fiscal and monetary policies to contain the harmful effects of the pandemic. As the pandemic is expected to last much longer than we could have anticipated, governments …
The Middle East has been the most volatile region in the world for the past seven decades since Israel was established in 1948. The past two months have seen two major shocks for the region – the COVID-19 pandemic and the sharp oil price meltdown. There are several other problems as well which have rattled …
COVID-19 and oil price collapse are proving a double-edged sword to the Gulf Cooperation Council (GCC) countries. The World Bank recommends these countries to prioritize their focus on handling the COVID-19 virus pandemic and the impending recession resulting from the virus and a sharp decline in the oil price. A recent study done by The …
RIYADH: Commerce ministers of the Gulf Cooperation Council (GCC) held a virtual meeting to discuss the economic impact of the coronavirus disease (COVID-19) outbreak in the region. Overseeing the provision and smooth flow of essential basic commodities to citizens of their countries was highlighted as one of the key roles of the respective ministries. The …
Dubai: Islamic banking in Oman is growing at a faster rate than conventional banking segment, with Islamic banking assets up more than 62 per cent year on year, according to a recent report issued by the Central Bank of Oman (CBO). Total assets held by Islamic banks and the Islamic banking windows of conventional lenders …
Muscat: Alizz Islamic Bank has expressed an interest in a merger with the United Finance Company, which is subject to due diligence of the latter institution. United Finance Company has forwarded the proposal from Alizz Islamic Bank to its board, the company said in a disclosure statement posted on the Muscat Securities Market (MSM) website. …
International law firm Clifford Chance has advised the Government of the Sultanate of Oman on its return to the international debt capital markets with the establishment of an unlimited sukuk-al-ijara trust certificate issuance programme and a drawdown of $2 billion trust certificates due 2024 thereunder. The transaction settled on June 1 and marks the largest …
Muscat: Alizz Islamic Bank signed an agreement with Oman Oil Refineries and Petroleum Industries Company (Orpic) to provide Islamic financing facilities for the construction of a petroleum coke (petcoke) storage facility at the company’s refinery complex in Sohar. This is the first agreement of its kind in which Orpic avails sharia-compliant financing. Alizz Islamic Bank …
Meethaq Islamic financing receivables rose to OMR 902 million of 31 March 2017 compared to OMR 665 million in the same period of 2016. Islamic banking customer deposits amounted to OMR 780 million as of 31 March 2017 compared to OMR 678 million reported for the same period in 2016. Meethaq, the pioneer of Islamic …
Oman plans to sell $2 billion of Islamic bonds this month as it seeks to trim a large budget deficit caused by lower oil revenue, Finance Minister Darwish Al Balushi said. The crude exporter’s budget deficit will reach 12 percent of economic output this year and it will continue to narrow in the coming years, …
Muscat: Bank Muscat’s Meethaq Islamic financing receivables rose to OMR902 million, as of March 31, 2017, compared with the OMR665 million in the same period last year. Islamic banking customer deposits reached OMR780 million as of March 31, 2017, compared with OMR678 million reported for the same period in 2016. The Meethaq network has grown …
Muscat – In line with its core values of supporting the community in the sultanate and developing employment opportunities for Omani youth, Sohar Islamic, Bank Sohar’s Islamic banking window, recently participated in the third Intercollegiate Career Fair. The event was organised by Waljat College of Applied Sciences (WCAS) in association with many colleges in the country and …
