Islamic banking weakness in Oman

Oman was a latecomer to the Islamic banking scene and as a result has fewer Islamic banks than its Gulf neighbours but it now seems as if Oman’s Alizz Islamic Bank is having trouble standing alone in a difficult market.

The Islamic lender is looking at a potential merger with conventional bank United Finance according to a statement made to the Muscat Securities Market.

United Finance indicated that it had received the proposal and had forwarded it to the board of directors for consideration.

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