Islamic Finance 

BRIEF-Al Izz Islamic Bank Signs Merger MoU With Oman Arab Bank

| 04 October, 2018

OCTOBER 4, 2018 | 5:16AM EDT

Al Izz Islamic Bank:

* Signs MoU with Oman Arab Bank for potential merger between two entities

* Signs MoU for potential merger after obtaining in-principal approval from regulatory bodies

* MoU among other things contains a broad framework of the merger

* It has also been agreed that co will continue to operate as a dedicated Islamic banking franchise of merged entity

* Will maintain management autonomy ensuring that there will be no negative impact on existing customers or stakeholders

* Financial and legal advisors have been appointed to conduct a due diligence reviews of both entities for the proposed merger

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