Following the promulgation of the Royal Decree and the issuance of broad guidelines by the Central Bank of Oman (CBO), ahlibank established its Islamic Banking window – AlHilal Islamic Banking Services – in accordance with the CBO’s Islamic Banking Regulatory Framework and launched its operations on 28th January 2013.
Over the next few years, AlHilal Islamic achieved significant growth with improved operational efficiency, establishing a strong presence in the Islamic banking sector of the country. In May 2019, it consolidated and built on this growth by rebranding AlHilal Islamic Banking Services as ahli islamic, heralding a new era of excellence in Islamic banking services for customers in Oman. Currently, ahli islamic has 19 branches across the Sultanate of Oman and a strong customer base under Corporate, SME and Treasury.
Since its inception, ahli islamic has in place a robust Shari’a Governance structure for Islamic banking, with the constitution of the Shari’a Supervisory Board (SSB), the Shari’a Audit and Compliance Department, together with a dedicated sales teams in all its branches and business units. There is a strong technology infrastructure in terms of ahli islamic, with its Core Banking specifically designed for Islamic banking activities. In terms of products, ahli islamic has developed a range of products and services and innovative solutions to address customers’ demand. ahli islamic has in place robust policies and procedures for each segment which have been approved by its SSB and BOD.