Islamic banking in Oman hits RO5.4bn in assets as market share rises

Islamic banking in Oman hits RO5.4bn in assets as market share rises

Published 20 Apr,2021 via Muscat Daily - Oman's Islamic banking industry is continuing to perform well in spite of the economic headwinds caused by the coronavirus pandemic and lower oil prices.

The market share of Islamic banking assets in the overall banking sector assets has reached to 14.5 per cent in February 2021 and Oman's Islamic banking assets now stand at RO5.4bn, according to the latest statistics released by the Central Bank of Oman (CBO).

Islamic banking's share of the total banking system has been steadily growing in Oman since the launch of the Sharia'a-complaint banking industry in the country eight years ago.

‘Total assets of Islamic banks and windows increased by 11 per cent on an year-on-year basis to RO5.4bn in February and constituted about 14.5 per cent of the banking system's assets as of end-February 2021,' CBO said in its monthly statistical bulletin.

Oman's Islamic banking entities provided total financing of RO4.4bn at the end of February 2021,