Bank Sohar opens first Islamic branch in Salalah

Bank Sohar, the Sultanate’s fastest growing bank, has officially opened the Salalah branch of their Islamic banking window — Sohar Islamic.

The bank has been steadily growing the new wing of their business, having already opened two of its branches in the holy month of Ramadan, and this latest announcement marks the official launch of the bank’s world-class Islamic banking services in Saada, in the wilayat of Dhofar.

The opening was held at the new branch premises under the auspices of Al Sayyid Mohammed bin Sultan bin Hamoud Al Busaidi, minister of state and governor of Dhofar.

Dr Mohamed Abdulaziz Kalmoor, Bank Sohar chief executive; Munira Abdulnabi Macki, DGM (Human Resource and Corporate Support); Abdulali Abdullah Al Lawati, Senior AGM (Corporate Support), and Mazin Mahmood Al Raisi, AGM and head (Marketing and Publicity); Mohammad Haris, AGM – head Islamic Banking; and Ahmed Jaboub, Saddah branch manager, Bank Sohar staff and prominent citizens from the wilayat were also present.

The event was inaugurated with an opening ceremony that included the cutting of the ribbon by the guest of honour, marking the branch officially open, followed by a familiarisation tour of the new branch and a welcome speech by Mazin Mahmood Al Raisi. Following the opening ceremony token of appreciation was presented to Al Sayyid Mohammed bin Sultan bin Hamoud Al Busaidi by Dr Mohamed Abdulaziz Kalmoor, chief executive of Bank Sohar.

Corporate finance
Dr Mohamed Abdulaziz Kalmoor said; “The inauguration of this new Sohar Islamic Bank branch in Saada, comes in line with our continuing focus on customer convenience, and our plans to expand Sohar Islamic’s physical presence across the Oman. This is yet another customer-oriented move by the bank, as a large number of our clients live and work in Salalah. This ceremony marks the opening of our third branch in quick succession and we look forward to opening our doors to many more new customers in other regions of Oman in the near future.”

The existing branches of Sohar Islamic offer five major products to retail customers across the Sultanate — automobile finance, term deposits, current accounts, housing finance and savings accounts. Sohar Islamic also provides corporate finance solutions consisting of asset finance, working capital finance, trade finance, treasury and investment products.

Commenting on the services offered by Bank Sohar’s Islamic window, Mohammad Haris said; “We continuously evaluate the needs of our growing customer base, and seek to meet their requirements.”

“As with our other branches, this latest branch will offer its diverse clientele a comprehensive range of personal and business banking solutions that adhere to the highest level of Sharia-compliance by meeting certain key conditions. These includd complete segregation of funds; stand alone and independent branches, separate sales staff, existence of a strong Sharia supervisory board and Sharia audit and compliance unit; the world’s best Islamic banking software; and compliance with the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).”

Bank Sohar currently has three Sohar Islamic branches, with more expected to open before the end of the year.

(TIMES NEWS SERVICE)


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