Assets of Islamic banks and windows rises 13% to OMR7bn

Muscat: The total assets of Islamic banks and windows stood at OMR7 billion at the end of September 2023, up by 13 percent on an annual basis.

This was stated by Tahir Salim Al Amri, CBO Executive President, while addressing a session of the Omani Islamic banking conference which began on Wednesday. The event was held under the slogan “Islamic Banking and Finance: Augmenting Competitiveness and Generating Investment Opportunities,” in cooperation with the Central Bank of Oman (CBO).

Al Amri added that Islamic banking institutions also provided financing worth OMR5.8 billion, and their total deposits stood at OMR5.3 billion. This corresponds to a 17.6 percent market share in terms of total assets and more than 19 percent of market share in terms of Islamic financing and Islamic deposits.

He pointed out that this great progress has been achieved in a relatively short period of time, just over 10 years.
The conference explored innovative methods and emerging trends in Islamic financial products, legal and regulatory frameworks and ways to expand the scope of the Islamic products in the Sultanate of Oman.

The opening ceremony was held under the auspices of Dr Mohammed bin Said Al Ma’amari, Minister of Endowments and Religious Affairs.

The conference constitutes an important platform for discussion and consultation about developments taking place in the Islamic banking sector.

The conference focused on two main concepts 'Developing an Islamic banking sector that meets future priorities' and 'Challenges and solutions for expanding the scope of Islamic products'.