Abu Dhabi’s Aabar to Invest in Oman’s Al Izz Islamic Bank
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Aabar Investments PJSC, an Abu Dhabi government-controlled company with stakes in UniCredit SpA and Daimler AG, will be the cornerstone investor in Al Izz Islamic Bank as Oman seeks to tap demand for Shariah-complaint products.
Al Izz is under formation and getting ready for an initial public offering, the bank said in an e-mailed statement yesterday. Oman approved the creation of its first two Islamic banks last year, Al Izz in October and Bank Nizwa in May. Aabar, Huriah Company LLC and Tasameem Real Estate Company LLC are promoters of Al Izz, according to the statement.