BMI Licensed to Operate in Qatar

Author: 
Arab News
Publication Date: 
Mon, 2007-07-02 03:00

MANAMA, 2 July 2007 — Bahrain-based BankMuscat International (BMI) has received a license to set up its first overseas branch and operate at the Qatar Financial Center (QFC). The banking license, issued by the Qatar Financial Centre Regulatory Authority (QFCRA), allows the bank to engage in regulated activities, which include providing and arranging credit facilities, accepting deposits and dealing in investments.

AbdulMalik bin Abdullah Al-Khalili, chairman of BMI said: “BMI is the first Bahrain-based retail bank to be granted authorization by the QFC, and this is a significant achievement for us. BMI was set up with a vision to become a dynamic regional bank and with the planned launch of our first branch outside Bahrain we are well on our way to achieving it. The GCC region is enjoying its best growth in years and Qatar has consistently been a strong catalyst and driver of this growth. Having a physical presence in Qatar enables us to tap into one of the world’s fastest growing economies.”

BMI has been authorized as a category one licensee and will be able to provide a wide range of banking services.

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