Oman's Al Izz Islamic Bank elects board of directors

MUSCAT, Nov 22 (Reuters) - Oman's Al Izz Islamic Bank, the

sultanate's second Islamic bank, has elected members of its

board a month after the initial public offer of its shares, a

bank statement said on Thursday.

Taimur Bin As'ad Al Said was elected chairman to lead a

six-member board.

Last month, Al Izz raised 40 million rials ($104 million) by

selling 40 percent of its capital through a month-long IPO. The

bank, which counts Abu Dhabi state-fund Aabar Investments as a

founding shareholder, will list on the Muscat Securities Market

on Dec. 3.

Oman reversed its prohibition on Islamic finance last year

and now intends to develop the industry, seeing economic and

political benefits. Al Izz is not yet operational and has only a

representative office; it plans to open a branch after the

listing of its shares.

The ciountry's first Islamic bank, Bank Nizwa, raised 60

million rials by selling 40 percent of its capital in May. It

elected its board in July, a month after an initial meeting to

approve the selection ended without agreement because it failed

to secure the 75 percent quorum needed for decisions.

(Reporting by Saleh al-Shaibany; Editing by Andrew Torchia)

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