Oman’s Islamic Banking Market Share Forecast to Hit 20% by 2025: Moody’s

On the 20th of September 2021, global rating agency Moody’s Investors Service (Moody’s) said that Oman's Islamic banking industry, which has enjoyed solid development since its establishment in 2012, is forecast to reach roughly 20% of overall banking assets by 2025, driven by high demand for Shariah-compliant products and growing supportive government regulation.

Why it Matters?

As at end-June 2021, in terms of market share, Oman’s Islamic banking assets already made up 15% of total banking assets. According to Moody's, Islamic banking assets in Oman grew by 30% on average per year between 2013 and 2020, compared to 5% for conventional banking assets. Strong demand for Shariah-compliant products among the country's largely Muslim pop...