Leading Swiss bank Sarasin-Alpen said its Omani unit has won approval from the Capital Market Authority to offer Islamic advisory services in the Sultanate.

With this, Sarasin-Alpen Oman will able to market Islamic securities, products and services to its clientele, along with its existing advisory services in private banking, said a senior official.

Rohit Walia, executive vice chairman & CEO, Sarasin-Alpen Group, said, 'I am very pleased that we are one of the first companies in Oman to receive an Islamic advisory license from the CMA.'

'I hope that our extensive experience in the field of Islamic Wealth Management will provide added value to our clientele in Oman,' Walia noted.

'Sarasin-Alpen, which started its operations in Muscat in 2008, provides a comprehensive range of private banking advisory services. It was the first Swiss-based private banking advisory service to operate in the country,' he added.

 Sarasin-Alpen also leverages the existing investment Banking business of its associate, Alpen Capital (Oman) which is also regulated by the CMA, further enhancing its extensive range of financial services offerings, said Walia.

In addition to Oman, Sarasin Alpen Group also has offices in Bahrain, India, Qatar and UAE.

The Sarasin Group, he said, had launched its Islamic wealth management offering from Switzerland in late 2009.

'Through the offering it provides a full spectrum of Sharia-compliant private banking products and services including estate and succession planning, financing and asset management, offering money market and structured products such as Wakala, Murabaha and Maraya,' Walia explained.

The bank had also established an independent Sharia Advisory board comprising eminent scholars to enhance the service.

As required, Sarasin’s Islamic wealth management service is based on an intense investment screening process, including elaborate Sharia monitoring and control procedures, he added.-TradeArabia News Service