Islamic banking sees strong growth in Oman as assets reach RO 8.3 billion

Muscat: Data from the Central Bank of Oman highlights the robust expansion of Islamic banking in the country. The financing balance extended by Islamic banks and windows surged by 13.8%, reaching approximately RO 6.7 billion. This growth underpins the increasing preference for Sharia-compliant financial solutions among consumers and businesses alike.

Deposits in Islamic banking institutions also witnessed a remarkable rise, jumping by 24% to total RO 6.5 billion by October 2024. The sector now represents 18.7% of the Sultanate’s total banking assets, reflecting its growing contribution to Oman’s financial ecosystem.