Integration Process Complete Between Alizz Islamic Bank and Oman Arab Bank’s Islamic Banking Window

Alizz Islamic Bank (AIB) has completed its integration process with Oman Arab Bank (OAB)’s Al Yusr Islamic banking window (Al Yusr). The integration includes the transfer of Al Yusr’s assets, liabilities, customers, employees, and services to AIB’s operating system. The merger combines several synergies present between the two banks, by way of complementary products, customer segments, technologies, and systems.

This is the first such merger in Oman’s banking sector, which has created a larger Islamic banking entity that can compete effectively and meet the various financial services requirements of customers. The merger received undisputed support from the Shariah supervisory bodies and Board of...