The Managing Director of Bank of Beirut in the Sultanate of Oman Ramy F. Zambarakji is famed for his vast banking experience in the GCC and as such BUSINESS LIFE magazine was keen on reporting his activities in Oman.

Bank Muscat (BM) matched the asset growth in the banking sector in Oman. Of the aggregate credit in 2008, it captured 40.3% share or RO3,727.7mn and its total assets increased at a CAGR of 31.1% during 2003-2008.

The General Manager and CFO of National Bank of Oman, Humayun Kabir, gave a detailed overview of his bank’s operations, future prospects, paid capital and shareholders. He also spoke about the bank’s main competitors and Kabir gave his opinion regarding the banking sector in Oman and the effectiveness of the Central bank. Then he also answered a question on both the local and foreign competition in the banking market.

Abdul Kader Askalan, Chief Executive Officer of Oman Arab Bank spoke about Oman’s economic indicator and whether the banking sector in the Sultanate of Oman was affected by the international financial crunch, and explained some of the measures taken by the Central Bank of Oman (CBO) to alleviate these effects. He also spoke about the performance of Oman Arab Bank in the last months and its future expansion plans.

Tharawat Investment House, the latest innovative Islamic investment house in the Kingdom of Bahrain, announced recently the launch of its first investment product the " Tharawat Sukuk Fund". The fund is an open-ended, Sharia’a compliant investment fund domiciled in the Kingdom of Bahrain investing around 70% of its assets in government and corporate Sukuk in the GCC and MENA areas.

Observers and diplomats are watching with great concern the tense parliamentary elections in Lebanon, fearing that the outcome of these landmark elections will determine the political and economic future of this country.

R. Seetharaman, Chief Executive Officer Doha Bank was recently conferred by The President of Mauritius H.E RT. Hon. Sir Anerood Jugnauth G.C.S.K., K.C.M.G., Q.C the prestigious NRI Institute Achievers Excellence Award for the Phenomenal Banker Achievers Excellence Award for his pioneering contribution to the world of banking.  The gala award ceremony took place at Le Meridian – Mauritius in the presence of more than 250 people of Indian origin from across the globe. The entire delegation was also invited by H.E. the President at President’s House for tea reception.

Albaraka Banking Group B.S.C (ABG) held its Ordinary and Extra Ordinary General Meetings recently in Manama, Bahrain.

Leaders, scholars and professionals of the Islamic financial industry met on Saturday 25 Shawwal 1429H (25 October 2008) discussed the escalating effects of the financial crisis and the role of the Islamic industry throughout these troubling times.The forum formed a working group of experts and followed up and monitored implications of the economic crisis affecting Islamic banks and the economies of member countries.

The Department of Public Relations and Information at Dallah Al Barakah Group held its 7TH Annual Executive Forum in the Lebanese capital of Beirut from October 15-19 under the slogan “on track”

Saudi Minister of Finance and Islamic Development Bank Group Governor of Saudi Arabia Dr. Ibrahim Abdulaziz Al-Assaf expressed his appreciation to the IDB Group President Dr. Ahmed Mohamed Ali and all IDB staff on the strength of the Bank’s financial standing amid troubling global financial times surrounding the mortgage crisis in the Untied States of America.

The Islamic Development Bank (IDB) is not affected so far by the financial crisis engulfing the world, declared Dr. Ahmed Mohamed Ali, IDB President during the reception/lunch, which he hosted for the IDB Governors and heads of international and regional financial institutions alongside the annual meeting of the World Bank/IMF in Washington DC.

Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of Board of Directors of Doha Bank, announced Doha Bank’s financial results for the third quarter of the year 2008.Net profit for the third quarter 2008 rose to QR 833.83 million, compared to QR 677.51 million for the same period in 2007, registering an increase of more than 23%. Earnings per share increased to QR 5.03 when compared to QR 4.31 in the corresponding