Oman's Al Izz Islamic Bank, the Sultanate's second Islamic bank, has elected members of its board a month after the initial public offer of its shares, a bank statement said on Thursday.

Taimur Bin As'ad Al Said was elected chairman to lead a six-member board.

Last month, Al Izz raised RO40 million ($104 million) by selling 40 per cent of its capital through a month-long IPO. The bank, which counts Abu Dhabi state-fund Aabar Investments as a founding shareholder, will list on the Muscat Securities Market on Dec. 3.

Oman reversed its prohibition on Islamic finance last year and now intends to develop the industry, seeing economic and political benefits. Al Izz is not yet operational and has only a representative office; it plans to open a branch after the listing of its shares.

The ciountry's first Islamic bank, Bank Nizwa, raised 60 million rials by selling 40 per cent of its capital in May. It elected its board in July, a month after an initial meeting to approve the selection ended without agreement because it failed to secure the 75 per cent quorum needed for decisions.-Reuters