Al Yusr, Oman Arab Bank's (OAB) Islamic banking window, held its inaugural Sharia Supervisory Board meeting, wherein the board approved the products and policy manuals developed by Al Yusr to launch its Islamic banking services, Times of Oman reported. The meeting was presided over by Dr Essam Al Enezi, chairman of the Al Yusr Sharia Supervisory Board. Dr Ahmad Ayyadi and Dr Khalid Al Siyabi, eminent members of the Sharia Supervisory Board and other the senior management of Al Yusr were present. The key products Al Yusr will offer upon its launch include Sharia-compliant auto and home finance, as well as a complete set of deposit products including current account, savings account and fixed deposit for the retail banking sector. Al Yusr has also affirmed its commitment to corporate and small and medium enterprises (SME) segments by developing a Sharia-compliant short-term working capital and term finance product, coupled with deposit product suites comprising current account and fixed deposit options, which the Sharia Supervisory Board has also approved. Extensive research Abdul Kader Askalan, chief executive of Oman Arab Bank, explained that the inaugural Sharia Supervisory Board meeting and its approval of these products follows months of extensive research and development Oman Arab Bank has undertaken to develop the product suite for Al Yusr. "While Islamic banking has been available in the market since the beginning of this year, we have utilised this time to deliberately study the market and the Islamic banking requirements of the Omani people," he said. "As a result, we have designed Al Yusr to meet the needs of Oman in a way that is both simple and easy to use; we will enter the market with products crafted specifically for Oman." "Oman Arab Bank is respected for its longstanding legacy and highly experienced management. We are working hard to maintain the public's trust and confidence by creating an Islamic Banking window that provides easy and simple services and products to meet our customers' unique needs," he added, Al Yusr head of Islamic banking, Azmat Rafique, explained Al Yusr's commitment to provide value added and simple financial solutions. "We share the same passion and commitment that Oman Arab Bank has for its retail, SME and corporate customers. Our endeavour is always to serve our clients with the best quality and comprehensive range of products. "This is an on-going process and we will keep adding innovative and simple solutions to establish Al Yusr as a trusted Islamic banking window."