Situated in the heart of the Middle East, Oman’s Islamic banks and windows have seen impressive growth, reflecting the resilience and dynamic nature of the country’s financial sector. According to recent reports, the total assets of these Sharia-compliant financial institutions have surged by 10 percent to stand at approximately OMR6.6 billion as of the end of March 2023. This is a significant increase when compared to the figures from the same period in the previous year.
This commendable growth has consequently improved the market share of Islamic banking. As of March 2023, Islamic banking assets now represent a significant 16.4 percent of total banking sector assets in the Sultanate of Oman. This is a clear indicator of the growing influence and acceptance of Islamic banking in the Omani financial sector.
Furthermore, the total balance of financing extended by these Sharia-compliant entities engaged in banking activities witnessed a remarkable increase of 13.4 percent, settling at about OMR5.6 billion. This significant rise shows a flourishing demand for Islamic financing in the country.
Notably, deposits held with Islamic banks and windows have also seen substantial growth. They recorded an uptick of 10.3 percent, amounting to approximately OMR4.9 billion at the end of March 2023. The consistent increase in deposits underscores the trust and confidence of customers in the safety and profitability of Islamic banking services.
In summary, the promising expansion of Oman’s Islamic banks and windows further underscores the successful integration of Sharia-compliant services in the country’s banking sector. The steady growth in assets, financing, and deposits indicates a bright future for Islamic banking in Oman.
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