After the promulgation of the Royal Decree and the broad guidelines issued by the Central Bank of Oman vide its circular BM 1081 dated 15th June 2011, Ahli Bank instituted Islamic Banking window with the brand name “Al Hilal Islamic Banking Services”, as per the Islamic Banking Regulatory Framework advised by the Central Bank Oman (CBO). Ahli Bank developed its article of association for conduct of Islamic banking business with necessary approvals from the shareholders and the Board of Directors. Al Hilal Islamic Banking Services, Ahli Bank SAOG has launched its operations on 28th of January 2013 and by year end 2015 it has 7 dedicated branches, 2 Kiosks, dedicated Treasury, SME, Trade, Corporate Banking and Shari’a Audit and Compliance Department with total of 57 dedicated staff members. The branches are located in Muwalah, Head Office Branch, Somail, Rustaq, Bahla, Saham and Salalah.
From the beginning stage, Ahli Bank has in place the complete Shari’a Governance structure for the Islamic banking with the constitution of the Shari’a Supervisory Board, the Shari’a Audit and Compliance Department and dedicated sales staff in all branches and business units of Al Hilal Islamic Banking Services. In terms of infrastructure, Al Hilal Islamic Banking Services has implemented a Core Banking IT System (iMal) for Islamic Banking activities, refurbished dedicated branches during year 2013 for providing Islamic Banking services across the region. In terms of products, Al Hilal Islamic Banking Services has identified the product range to be offered and have had the same configured in iMal system and have in place policies and procedures for each segment which have been reviewed and approved by its SSB.
Following are the objectives of Al Hilal Islamic Banking Services for Corporate, Retail, SME, Treasury and Trade business segments:
- Facilitate the customer to operate their business under Shari’a Principles by way of providing wide array of Shari’a-based financial products.
- To ensure highest level of service standards with focus on “Partnering” instead of financing with customer.
- To provide professional feedback to customer on their business operations to ensure their development.