Oman Arab Bank and Alizz Islamic to merge

The potential merger will witness the establishment of a banking entity that will deliver conventional and Islamic banking services. The agreement covered the overall structures and procedures that will be taken as part of the merger process.

OAB agreed to submit an offer to the shareholders of Alizz Islamic Bank to acquire all shares, with the aim to make Alizz Islamic Bank a wholly-owned Islamic banking subsidiary and convert Alizz Islamic Bank into a closed joint-stock company (SAOC). Once this step is completed, the Islamic Banking window of Oman Arab Bank, will be integrated with Alizz Islamic Bank SAOC, creating a licensed Islamic bank. Following this, shares of OAB will be listed at the Muscat Securities Market (MSM), converting it into a public joint-stock company.

Upon completion of the merger, Oman Arab Bank will continue its conventional banking business and operations, while Alizz Islamic Bank will remain fully Shari’a-compliant and continue to offer Islamic Banking products and services as a full-fledged Islamic bank.