Oman’s Islamic banking assets crosses RO6bn mark

Islamic banking is continuing to grow rapidly in Oman driven by growing awareness about Sharia’a-compliant products, strong retail demand and supportive regulations.

Total assets of the sultanate’s Islamic banks and windows grew by 10.7 per cent year-on-year to hit RO6bn mark in the first quarter of 2022, according to the Central Bank of Oman’s data released on Sunday.

In terms of market share, Oman’s Islamic banking assets now make up 15.4 per cent of total banking sector assets as of the end of March 2022, the central bank data showed.

Islamic banking assets in Oman recorded a strong 30 per cent average annual growth between 2013 and 2021, compared with around 5 per cent average annual growth for conventional banking assets, according to Moody’s.

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