Islamic Banking Assets Cross 15% Market Share in Oman

Total assets of Islamic banking entities in Oman crossed 15% market share of the country’s entire banking sector as at the end of June 2021.

Why it Matters?

A jurisdiction with a 15% market share is considered a "systemically important Islamic banking system" by the International Monetary Fund (IMF) and the Islamic Financial Services Board (IFSB).

Details

As per IFSB Stability Report 2021, Oman has become the 15th country in the world to have attained this market share. The Islamic banking sector in Oman has expanded at a combined average annual growth rate of 30.3% between 2013 and 2020. As at June 2021, Islamic banking sector assets in Oman were OMR 5.7 billion (USD 14.7 billion). With the active participation of two Islamic...