Oman’s Islamic Banking Sector Achieves Significant Growth, Total Assets Reach RO 8.3 Billion

MUSCAT: The total assets of Islamic banks and financial windows in Oman have surged to RO 8.3 billion by the end of November 2024, accounting for 18.8 percent of the country’s total banking sector assets. This marks a notable year-on-year increase of 15.4 percent compared to the corresponding period in 2023.

The robust growth in Oman’s Islamic banking sector is further reflected in the total financing provided by these institutions, which saw an increase of 13.3 percent, reaching approximately RO 6.8 billion. This upward trend highlights the growing demand for Sharia-compliant financial products and services within the Sultanate.

Additionally, deposits at Islamic banks and windows witnessed a significant rise, growing by 22.5 percent to reach around RO 6.6 billion by the end of November 2024. This substantial growth underscores the increasing confidence of customers in Islamic banking solutions and their commitment to ethical financial practices.

The sustained expansion of Oman’s Islamic banking sector indicates a strong shift towards Sharia-compliant financial solutions, contributing positively to the nation’s overall economic development. The sector’s steady rise reflects its potential to play a pivotal role in shaping the future of the financial landscape in Oman.

For all the latest news from Oman and GCC, follow us on Instagram, like us on Facebook & subscribe to our YouTube Channel, which is updated daily.