Oman’s Islamic banking industry is still expanding at an impressive rate; by the end of September 2024, total assets will have increased by 14.9% annually to reach over RO 8.2 billion.
Muscat: This now represents 18.7% of the nation’s total banking assets, highlighting the growing need for financial services that adhere to Sharia law. The sector’s growing finance portfolio, which increased by 12.6% to reach RO 6.6 billion, is the main driver of this growth. Deposits have also increased dramatically, rising 23.7% to RO 6.6 billion, which is equal to the financing balance.
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