Monday, 21 December 2015

State of Islamic banking in Oman

Islamic banking currently accounts for 6.5% of the Omani banking sector by assets at the end of September 2015, according to HE Hamoud bin Sangour Al Zadjali, Executive President of the Central Bank of Oman. Speaking at Bank Nizwa's 2nd Islamic Banking Forum in Muscat, Al Zadjali noted that the banking sector recorded a growth of 16.4% in the total assets to reach OMR 29.6 billion. 

Dr Jamil El Jaroudi, CEO of Bank Nizwa said, “Globally, the assets intermediated by the Islamic Banking industry have reached an estimated US$2 trillion. This growth is expected to accelerate further global expansion in response to increasing demand for shari’ah-compliant financial products and services. 

"It is based on this backdrop that Bank Nizwa has organised this event for the second year running, to shed light on some of the most pressing challenges in the current economic spectrum, explore opportunities and inspire new ideas that will benefit this thriving industry.”