Dhofar Islamic

What Dhofar Islamic does

Dhofar Islamic, formerly Maisarah Islamic Banking Services, is the Islamic banking window of BankDhofar SAOG, established in 2013 and rebranded under the parent master brand in February 2024. Operating from Azaiba, Oman, the institution provides Sharia-compliant personal, SME, and corporate banking services through a network of 24 branches and 300+ ATMs/CDMs/Kiosks inherited from BankDhofar. As of 2021 it reported OMR 677 million in total assets and has accumulated 9 local, regional, and international industry awards over a decade of operation.

The product portfolio spans Mudarabah-based savings accounts (Mudarabah Saving, High Yield, Children, Youth, Ladies, Minor, Basic WPS), Wakalah-based term deposits and investment accounts (Ameen Term Deposit, Ameen Investment Account, Dhofar Islamic Saving Plans), a premium tier (Al Rifaa Privilege Banking, Al Riadah Priority Banking, Numo SME), and a Sharia-compliant finance suite covering home, auto, personal, property, goods, education, travel, commercial, and Musawamah IPO financing — structured across Murabaha, Ijarah, Diminishing Musharakah, and Ijara Al Manfa'a. Card products include Mastercard World/Titanium/Gold credit cards, Mastercard and Visa debit cards, and the new Maal national payment card. Digital channels comprise a mobile banking app, internet banking, Dhofar Islamic-Pay NFC wallet, Apple Pay, and Samsung Wallet; wholesale banking services add treasury, trade finance, working capital, inventory, IBAN, and wealth management.

Dhofar Islamic generates revenue primarily through financing income (Sharia-compliant lending margins), fee and commission income on banking services, credit card interchange and annual fees, and Mudarabah-based profit distribution on deposits. Pricing is tiered by product (e.g., Mastercard World at OMR 50/year, Gold at OMR 20/year; Maal debit card free) and subject to Oman's 5% VAT. Distribution is anchored by BankDhofar's branch and ATM infrastructure, supplemented by digital self-service, online account opening, and merchant partner promotions. Recent strategic activity has extended into Islamic capital markets through the OMR 250M Sukuk Al Musharaka Programme, into the mining sector via the Mawarid Mining financing agreement, and into Takaful distribution through a bancatakaful alliance with Al Madina Takaful.

Name

Dhofar Islamic

Legal name

Dhofar Islamic Banking Services

Website

https://dhofarislamic.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Dhofar Islamic is the Sharia-compliant banking window of BankDhofar SAOG in Oman, offering retail, SME, priority, and corporate Islamic banking — deposits, Murabaha/Ijarah/Diminishing Musharakah financing, cards, wealth management, and trade finance — across 24 branches.

Ownership category

akta.pro rank

Product category

Islamic Retail and Wholesale Banking

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)

akta.pro primary industry

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

akta.pro secondary industries

Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI), Islamic Corporate Banking (FSABAGAC), Islamic SME & Commercial Banking (FSABAGAB), Islamic Private Banking & Wealth (FSABAGAD), Islamic Investment Banking & Capital Markets Services (FSABAGAG), Islamic Trade Finance & Supply Chain (Shariah-compliant) (FSABAGAE)

Keywords

• Islamic banking services
• Sharia-compliant finance
• Retail banking
• Corporate banking
• SME banking

Headquarters

HQ city

Azaiba

HQ country

Oman

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Financing Income: Revenue generated from Sharia-compliant financing products including home finance, auto finance, personal finance, and commercial finance based on Murabaha, Ijarah, and Diminishing Musharakah structures.
2. Fee and Commission Income: Fees charged for banking services including account maintenance, transactions, trade finance, and other banking services. Subject to 5% VAT in Oman.
3. Credit Card Revenue: Annual fees, cash advance fees, and interchange income from credit card operations. Card types include Mastercard Gold, Titanium, and World with varying fee structures.
4. Deposit and Investment Products: Profit earned from investment of depositor funds in Sharia-compliant ventures. Deposits include Mudarabah savings accounts, term deposits (Wakalah), and saving plans.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Dhofar Islamic operates as the Islamic banking window of BankDhofar SAOG, providing Sharia-compliant deposit accounts, financing products (home, auto, personal, property, goods, education, travel, commercial), credit and debit cards, trade and treasury services, and wealth management to retail, SME, priority/privilege, and corporate clients across Oman. Products are structured on Mudarabah, Murabaha, Ijarah, and Diminishing Musharakah Islamic contracts and distributed through a network of 24 branches, 300+ ATMs/CDMs/kiosks, and mobile and internet banking channels.

Product overview

Dhofar Islamic is the Islamic Banking window of BankDhofar, established in 2013, offering a comprehensive Sharia-compliant banking platform. The product portfolio comprises multiple interconnected product categories: (1) Core Deposit Accounts including Mudarabah Saving Account, Current Account, High Yield Account, and specialized accounts for Children, Youth, Ladies, and Minors; (2) Premium Banking programs under Al Rifaa Privilege Banking and Al Riadah Priority Banking brands; (3) Credit Cards including Mastercard World, Titanium, and Gold tiers plus debit cards across Mastercard and Visa networks including the national Maal Debit Card; (4) Financing products spanning Home Finance (Ijarah), Personal Finance, Auto Finance, Property Finance, Goods Finance, Education Finance, Travel Finance, Commercial Finance, and Musawamah IPO Finance; (5) Digital Channels including Mobile Banking, Internet Banking, Dhofar Islamic-Pay NFC wallet, Apple Pay, and Samsung Wallet integrations; (6) Wholesale Banking services for businesses including Treasury Services, Trade Finance, Term Finance, Working Capital Finance, Transaction Finance, and Inventory Finance; (7) Wealth Management solutions offering Sukuk investments, Islamic funds, and financial planning; and (8) Supporting services including IBAN, WPS salary processing, and Rewards Program. The platform operates across retail, priority, privilege, SME, and corporate segments.

Differentiator

Problem solved

Functional benefit

Products and services

• Mudarabah Saving Account Sharia-compliant savings account based on the Mudarabah (profit-sharing) principle, offering profit distribution calculated on monthly average balance for individual retail customers.
• Current Account
• High Yield Account
• Children Account
• Youth Account
• Ladies Account
• Minor Account
• Basic WPS Savings Account
• Ameen Investment Account
• Ameen Term Deposit
• Dhofar Islamic Saving Plans
• Al Rifaa Privilege Banking
• Al Riadah Priority Banking
• Numo SME Banking Solutions
• Mastercard Credit Cards
• Mastercard Platinum Al Riadah Debit Card
• Mastercard Platinum Al Rifaa Debit Card
• Mastercard Standard Mass Debit Card
• Maal Debit Card
• Visa Classic Debit Card
• Visa Platinum Debit Card
• Visa Signature Debit Card
• Home Finance
• Personal Finance
• Auto Finance
• Property Finance
• Goods Finance
• Education Finance
• Travel Finance
• Commercial Finance
• Musawamah Retail IPO Finance
• Trade Finance
• Treasury Services
• Business Account
• Wealth Management
• Mukafaat Rewards Program

Quantifiable outcome

• Up to 5% expected profit rates on saving plans
• +2 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Al Madina TakafulcoreStrategic or Co-development Partner · 4 January 2026Strategic bancatakaful partnership enabling Dhofar Islamic to distribute Al Madina Takaful's retail and SME protection products through its nationwide branch network and digital channels. The alliance aims to strengthen Oman's Islamic finance ecosystem by combining banking and Takaful expertise to deliver integrated Sharia-compliant financial solutions.
• BankDhofarcoreOthers · 4 January 2026Dhofar Islamic operates as the Islamic Banking window of BankDhofar SAOG, leveraging the parent bank's infrastructure including branch network, ATM infrastructure, and operational support.
• Central Bank of OmancoreOthers · 8 December 2025Dhofar Islamic BankDhofar supported Oman's launch of Maal, the nation's first national payment card, as part of the country's digital transformation and cashless society goals. The initiative aims to enable secure domestic electronic transactions, reduce reliance on international networks, and promote financial inclusion.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Bank Muscat (Meethaq Islamic Banking): Operates Meethaq, Oman's largest Islamic banking window, directly competing with Dhofar Islamic in retail, SME, corporate and treasury Sharia-compliant products across the same country footprint.
• Bank Nizwa: Oman's first full-fledged Islamic bank, offering a comparable Sharia-compliant retail, SME and corporate product suite including financing, deposits and treasury services in the same domestic market.
• Alizz Islamic Bank: Oman-based standalone Islamic bank providing Sharia-compliant personal, corporate and investment banking, directly competing with Dhofar Islamic for retail deposits, financing and treasury mandates in Oman.
• National Bank of Oman (Al Yusr Islamic Banking): Operates Al Yusr as its Islamic banking window, offering a similar product range — Mudarabah deposits, Murabaha/Ijarah financing, cards and trade finance — overlapping directly with Dhofar Islamic.

Regional players

• Qatar Islamic Bank: Largest standalone Islamic bank in Qatar and a GCC benchmark for full-spectrum Sharia retail, corporate, treasury and sukuk issuance — comparable business model and product set to Dhofar Islamic's Islamic window.
• Kuwait Finance House: One of the largest Islamic banks globally and a regional benchmark for Sharia-compliant retail, corporate, investment banking and sukuk activity relevant to Dhofar Islamic's strategic ambitions.
• Dubai Islamic Bank: UAE's first Islamic bank offering retail, corporate, treasury and Sharia-compliant investment products including sukuk — a peer for regional benchmark on Islamic product innovation and digital channels.
• Abu Dhabi Islamic Bank: Major UAE Islamic bank with comparable retail, wealth, corporate and treasury Sharia offerings; useful regional comparable for product breadth and digital banking benchmarks.

Broad incumbents

• Al Rajhi Bank: Largest Islamic bank globally by assets; serves as a broad incumbent benchmark for scale of Mudarabah deposits, Murabaha financing, and nationwide branch distribution relevant to Dhofar Islamic's roadmap.

Others

• Al Madina Takaful: Omani takaful operator and Dhofar Islamic's strategic bancatakaful partner; a directly connected ecosystem peer for Sharia-compliant protection product distribution through banking channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/DhofarIslamic

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dhofar Islamic