• Oman

    • Oman is a pioneer in local and regional Islamic finance: REDmoney

    By on August 29, 2022
    OMR
    OMR

    The Sultanate of Oman is a pioneer in the field of local and regional Islamic finance, said in a new report by REDmoney,  Malaysian institution specialized in Islamic financial services .

    It added in a new report published on its website that Islamic finance services in the Sultanate of Oman cover all sectors and products, and it continues to thrive, with a strict regulatory infrastructure in place, industry players are reassured by support from the Omani government, and the market remains open for expansion and improvement. .

    The report said that although the Sultanate of Oman is still relatively new in Islamic finance and banking compared to other GCC countries, it now has total Islamic assets of US$14.7 billion, which represents 15.16% of the country’s total banking sector assets.

    The report referred to the organization of a forum on October 17 on Islamic financial services in the Sultanate of Oman, to review how the main features of Oman Vision 2040 enable the growth of the Islamic banking and finance markets in the Sultanate of Oman, and how successful regulatory initiatives have contributed to the Islamic banking sector in Oman shaping more than 15 % of the total banking market share, and will the new domestic Islamic banking landscape ultimately improve product offerings and customer experience.

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