Thimar 2025 Highlights Innovation and Sustainability Driving Oman’s Islamic Banking Sector

As Oman’s economy continues its diversification drive under Vision 2040, the second edition of the Thimar Islamic Banking Conference 2025 has emerged as a beacon of progress in the nation’s burgeoning Islamic finance landscape. Held on September 28 at the InterCity Hotel in Muscat under the patronage of His Highness Sayyid Numair bin Salim Al Said, the event themed “Islamic Financial Transactions and Economic Stability” drew industry leaders, policymakers, and Sharia scholars to explore how innovation and sustainability are reshaping ethical finance. With the global Islamic finance market valued at $5.5 trillion and projected to reach $7.5 trillion by 2028, Oman’s sector—currently standing at $36 billion as of August 2025—is poised for exponential growth, underscoring the conference’s timely focus on compliance-driven impact.

Key Discussions: Bridging Digital Transformation and Ethical Impact

The conference kicked off with high-level dialogues on the digital evolution of Islamic banking, a critical enabler for accessibility and efficiency in a post-pandemic world. A dedicated session, “Open Banking and Digital Transition: Shaping the Future of Islamic Banking,” highlighted the integration of fintech solutions like AI-driven Sharia-compliant advisory tools and blockchain for transparent sukuk issuance. Omair bin Mohammed Al Julandani, Business Development Manager at The Arabian Stories, emphasized the forum’s role in fostering knowledge exchange, stating, “These platforms are vital for exchanging expertise among banks and Sharia-compliant institutions, driving Oman’s position as a regional hub for sustainable finance.”

A standout panel, “Maximising Sustainable Impact Through Waqf Funds and Islamic Takaful,” moderated by economic analyst Salim Saif Al Abdali, delved into leveraging endowments for long-term societal benefits. Panelists including Ahmed Al Harthy from the Ministry of Endowments and Religious Affairs, Hamza Al Saadi of Takaful Oman, Sheikh Issa Al Harthy from Oman National Investments Development Company, and Dr. Ali Al Jahdhami of Bank Nizwa advocated for channeling waqf assets into green investments and risk-mitigation products. Dr. Al Jahdhami noted, “With Oman’s Islamic banking sector maturing, waqf and takaful offer scalable mechanisms for climate-resilient financing, aligning profit with purpose.” This session resonated with attendees amid rising demand for ESG (Environmental, Social, and Governance) compliant products, such as Oman’s pioneering green sukuk issuances that fund renewable energy projects.

Other notable contributions included Khalid Jamal Al Kayed, CEO of Bank Nizwa, who announced the launch of Oman’s first dedicated Waqf department to bolster endowment capabilities. Ali bin Ahmed Al Lawati of Meethaq Islamic Banking projected explosive growth in halal industries—food ($2 trillion by 2027), fashion, cosmetics, and pharmaceuticals—positioning Islamic finance as a catalyst for non-oil economic diversification. Nora Sabah Sultan of Al Ahli Islamic Bank showcased their Islamic Liquidity Fund, surpassing RO 50 million in assets, as a model for liquidity management in volatile markets.

Awards Ceremony: Celebrating Excellence in Sharia-Compliant Innovation

The conference’s climax was the Thimar Islamic Banking Excellence Awards, adjudicated by an esteemed jury led by His Highness Sayyid Dr. Adham Al Said, Assistant Professor at Sultan Qaboos University. Joined by Dr. Siham Al Harthy of the Oman Chamber of Commerce and Industry, Dr. Ashraf Al Nabhan, former Chairman of the Muscat Securities Market, and Dr. Ahmed Kashoub of the Index Center for Economic and Financial Consultations, the panel evaluated entries on innovation, governance, customer service, and Sharia adherence. Dr. Al Harthy praised the submissions’ quality, saying, “These institutions exemplify unwavering commitment to Sharia principles, fueling Oman’s Islamic economy.”

Standout winners included:

• Bank Nizwa: Innovation in Islamic Banking Award, recognizing its pioneering Waqf initiatives and fintech integrations.

• Meethaq Islamic Banking: Best Digital Application Award, for seamless mobile platforms enhancing user-centric Sharia services.

Several private and endowment institutions received top honors, felicitated during a ceremonial lunch that doubled as a networking hub for forging partnerships. These accolades not only honor past achievements but signal a roadmap for scalable, tech-infused solutions in ethical finance.

Oman’s Islamic Banking Boom: Statistics and Strategic Outlook

Oman’s Islamic finance sector is on a robust trajectory, with assets growing at double-digit rates to $36 billion by end-August 2025—Islamic banking comprising nearly two-thirds. Fitch Ratings forecasts it surpassing $40 billion by 2026, driven by regulatory reforms like the Central Bank of Oman’s push for open banking APIs and liquidity tools tailored for Sharia compliance. As of December 2023, Islamic assets hit RO 7.35 billion (17.5% of total banking), with 2025 projections indicating continued 14-18% year-on-year expansion in financing and deposits.

This growth aligns with Oman Vision 2040’s emphasis on sustainable development, where Islamic instruments like sukuk fund infrastructure and takaful mitigate risks in sectors like tourism and logistics. For investors, this presents opportunities in halal-certified assets yielding competitive returns (averaging 4-6% for sukuk) while adhering to faith-based ethics. Aspiring professionals in Islamic finance can leverage certifications from bodies like AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) to tap into a job market expanding by 20% annually.

Why This Matters: Empowering Readers in an Ethical Finance Era

For businesses eyeing Oman’s market, Themar 2025 underscores the shift from mere compliance to tangible impact—think waqf-backed social enterprises reducing poverty or takaful products insuring against climate events. Readers interested in personal finance might explore Islamic savings accounts offering riba-free growth, while policymakers can draw lessons on integrating sustainability into national strategies. As Oman cements its role as a Gulf gateway for ethical capital, events like Themar ensure innovation doesn’t compromise values, fostering a resilient economy for generations.

Thimar 2025 wasn’t just a conference; it was a clarion call for Oman’s Islamic banking to lead with purpose. With partners like Bank Nizwa, Meethaq, and Al Ahli Islamic Bank at the forefront, the sector’s fusion of cutting-edge tech and timeless principles promises inclusive prosperity.