Oman’s Islamic Banking Assets Reach OMR 5.7 Billion Despite Slow-Down Due to Global Pandemic

According to the statistics of the Central Bank of Oman (CBO), the country’s Islamic banking industry has had rapid growth despite the slowing of the economy caused by the COVID-19 pandemic. Total assets in Oman’s Islamic banking sector increased to OMR 5.7 billion as at end of June 2021, up 16% year-on-year (YoY).

Why it Matters?

Growth has been driven by undiminished demand for Shariah-compliant products in Oman. Total assets the Islamic banking sector in Oman made up approximately 15.1% of the country’s total banking system assets at the end of June 2021. Total financing at the end of June 2021 amongst Islamic banks was up 12.7% YoY, compared to financing growth of just 2.1% YoY amongst conventional banks. In March 2021, Moody’s Investors Service (Moody...