RIYADH: The combined assets of Oman’s Islamic banks and windows increased by 18.1 percent from the same period in 2023, reaching approximately 7.8 billion Omani rials ($20.2 billion) by June.
According to central bank data, the combined amount accounted for 11.4% of the sultanate’s total banking sector assets.
According to the analysis, the total amount of financing the Islamic banking industry provided increased by 10.4%, or roughly 6.4 billion rials.
By the end of June, deposits in Islamic financial institutions and windows had increased by 14.7 per cent to almost 6 billion rials.
Oman’s growth is consistent with a wider regional trend. According to a Moody’s Investors Service report, the stability of Islamic banks’ net profit margins and rising demand for financial products that adhere to Shariah will cause Islamic financing to surpass conventional banking throughout the Gulf Cooperation Council.
Islamic banks, unlike conventional banks, benefit from fixed-rate retail financing, which shields them from changes in US Federal Reserve monetary policy. Moody’s said that the profitability of Islamic financial institutions in the GCC will remain strong over the next 12 to 18 months, fueled by stable oil prices, ambitious economic diversification efforts, and strong business confidence.
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