New Islamic banking products to revive Oman market

MUSCAT: The Sultanate of Oman aims to meet the needs of the Islamic banking sector with new products, a report by an Islamic Finance magazine revealed.

The report highlighted that the Central Bank of Oman seeks to meet the needs of the Islamic banking sector in the Sultanate, through a strategy that adds many new products and services.

According to the Financial Stability Report for 2022, the Central Bank of Oman is developing a set of money market tools to meet the liquidity needs of the sector.

These tools include emergency liquidity support, in line with the provisions of Islamic Sharia, facilities of last resort, and compensatory deposit facilities based on Islamic Investment Agency.

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