4 Omani banks make Forbes list among 50 largest banks in Middle East

Forbes Middle East magazine has ranked 4 Omani banks among the list of the 50 largest banks in the Middle East in terms of market capitalization for the year 2023.

The list includes Bank Muscat in 22nd place, Sohar International Bank in 45th place, Bank Dhofar in 46th place and National Bank of Oman in 47th place.

The methodology of the list was based on the research team collecting data of banks listed in the Arab financial markets, and it was classified based on the market value on February 28, 2023, and foreign exchange rates were approved on the same date. We excluded banks affiliated with banks classified in the list.

The report indicated that Bank Muscat is listed on three stock exchanges, Muscat, Bahrain and London, with a market value of $5.7 billion.

It added that the market value of Sohar International Bank is $1.19 billion, Bank Dhofar is $1.18 billion, and the National Bank of Oman is $1.1 billion.

The magazine stated that the banking sector went through a difficult year after the collapse of the American Silicon Valley Bank, pointing to the rapid growth of Islamic finance in the Gulf Cooperation Council countries, as the cost of deposits in Islamic banks is lower compared to conventional banks, which supports their profitability in times of high interest rates.

The market capitalization of the 50 largest banks in the region amounted to $548.1 billion, as of market closes on February 28, 2023.

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