Oman's Islamic deposits surge, adding pressure on liquidity tools

April 16, 2015 7:06 AM

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April 16 (Reuters) - Oman's two full-fledged Islamic banks have yet to post a profit but their customer deposits are surging, increasing pressure on authorities to develop sharia-compliant money market tools and make a long-awaited issue of Islamic bonds (sukuk).

Oman was the last country in the six-nation Gulf Cooperation Council to introduce Islamic finance, granting licences to Al Izz Islamic Bank and Bank Nizwa in 2013.

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