We consider an extension of the real Lie algebra by introducing a parity operator and a parameter . This extended algebra is isomorphic to the Bannai-Ito algebra with two parameters equal to zero. For this algebra we classify all unitary finite-dimensional representations and show their relation with known representations of . Moreover, we present a model for a one-dimensional finite oscillator based on the odd-dimensional representations of this algebra. For this model, the spectrum of the position operator is equidistant and coincides with the spectrum of the known oscillator. In particular the spectrum is independent of the parameter while the discrete position wavefunctions, which are given in terms of certain dual Hahn polynomials, do depend on this parameter.

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