Banking & Finance Oman’s Islamic banking assets rise 9.6% to $16.1bn By Pramod Kumar August 30, 2022, 5:26 AM Central Bank of Oman The Shariah-compliant banking entities provided total financing of OR5.1 billion till end-June 2022, up 11.2% year-on-year. Total assets of Islamic banks and windows operating in Oman jumped by 9.6 percent year-on-year to OR 6.2 billion ($16.1 billion) in June 2022, Muscat Daily reported, citing Central Bank of Oman data. Islamic banking assets account for 15.9 percent of the country’s total banking system assets. An Islamic ‘window’ when a conventional financial institution has a dedicated section within a branch or unit dedicated to Islamic finance customers, but it not a separate entity. The Shariah-compliant banking entities provided total financing of OR5.1 billion till end-June 2022, recording a robust growth of 11.2 percent year-on-year. Total deposits held with Islamic banks and windows increased by 12.8 percent to OR4.7 billion in June year-on-year. The Islamic banking entities nearly tripled profitability in 2021 from a drop in 2020 due to the COVID-19 pandemic, the central bank said in its latest financial stability report. In 2021, the Islamic banking sector exhibited a pre-tax profit of OR82 million against OR27.4 million a year ago, which improved the return-on-assets and return-on-equity of the industry. According to the report, the central bank is working to introduce a range of Islamic money market instruments to meet the liquidity needs of the sector. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
