Boom in Islamic Banking: Assets and financing surge in Oman

  • Date: 10-Feb-2024
  • Source: The Arabian Stories News
  • Sector:Financial Services
  • Country:Oman
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Boom in Islamic Banking: Assets and financing surge in Oman

The Islamic finance sector has witnessed a substantial surge in its assets and financing balances, marking significant milestones in its growth trajectory.

The post Boom in Islamic Banking: Assets and financing surge in Oman appeared first on The Arabian Stories News.Muscat: By the end of November 2023, the combined total assets of banks and Islamic windows experienced a remarkable increase of 11.7 per cent, soaring to approximately RO 7.2 billion. This surge accounted for 17.2 per cent of the total assets of the banking sector in the Sultanate, showcasing the robust expansion of Islamic finance within Oman’s financial ecosystem.

Notably, the total balance of financing extended by units practising Islamic banking surged by an impressive 11.7 per cent, reaching approximately RO 5.9 billion. This surge in financing underscores the growing confidence in Islamic banking products and services among businesses and individuals alike.Moreover, deposits at Islamic banks and windows witnessed a notable uptick, recording a substantial increase of 10.9 per cent. By the close of November 2023, deposits at Islamic banks and windows stood at around RO 5.4 billion, reflecting a burgeoning appetite for Islamic financial products among depositors.

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