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 “AlHilal Islamic Banking Services”, as per the Islamic Banking Regulatory Framework advised by the Central Bank Oman (CBO). AlHilal Islamic Banking Services developed its article of association for conduct of Islamic banking business with necessary approvals from the shareholders and the Board of Directors. AlHilal Islamic Banking Services, Ahli Bank SAOG has launched its operations on 28th of January 2013.
On May 2019, AlHilal Islamic Banking services was rebranded into Ahli Islamic announcing a new era in providing excellent Islamic banking services for Oman. Ahli Islamic has 11 branches spreading across the Sultanate of Oman located in Wattaya (HO), Ghubra, Khoudh, Barka, Samail, Rustaq, Saham, Bahla, Sinaw, Jalaan Bani Bu Ali and Salalah.
From the beginning stage, Ahli Islamic has in place the complete Shari’a Governance structure of 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 Ahli Islamic. In terms of infrastructure, Ahli Islamic have utilized 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, Ahli Islamic 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 Ahli Islamic 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.