Islam’s second Sharia-compliant bank could be approved for an IPO as early as next month if all goes smoothly as regulators examine the application of Al Izz Islamic Bank, headquartered in Muscat, Oman.
Observers say that officials at the bank are moving full steam ahead and issue managers are also making a large effort to have everything ready for the bank’s IPO to happen as soon as possible after the Eid holiday, most likely that will mean September.
The only problematic link in the progress of obtaining approval will come from CMA, the market overseer for compliance, which has still not bestowed final approval for Al Izz Islamic Bank’s IPO, although they have received an “in principal” approval from the regulatory board.
Interested parties have said that getting approval is not a major stumbling block, as it can take only one day for approval to be granted, and within a week the issue can be allowed. The subscription period however must be a full 30 days.