Oman’s Islamic Banking Industry to Contribute to the Country’s Economic Growth

The Islamic banking sector in Oman witnessed a strong financing growth of 11% in 2019, with total financing recorded at OMR 4 billion, according to data provided by local press reports. By the end of 2019, Islamic banking accounted for 13.9% of the country’s overall banking system assets, since its commencement in 2012.

The World Bank and the International Monetary Fund (IMF) forecast Oman’s GDP to stand at 3.7% in 2020, following the stagnation in 2019. The Assistant General Manager (AGM) of Investment, Treasury and Project Finance at Bank Nizwa, Mr. Saif Al Rawahi, is confident that the country’s Islamic banking sector will add impetus to Oman’s growth story.

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