Oman is a pioneer in regional Islamic finance: Report

MUSCAT: The Sultanate of Oman is a pioneer in the field of local and regional Islamic finance, a report by REDmoney said.

According to the finance-based media company with a specific focus on the global Islamic finance industry Islamic finance services in the Sultanate of Oman cover all sectors and products.

It continues to thrive, with a strict regulatory infrastructure in place. Industry players are reassured by the support of the Omani government, and the market remains open for expansion and improvement.

The report said that although Oman is still relatively new in Islamic finance and banking compared to other GCC countries, it now has total Islamic assets of $14.7 billion, which represents 15.16% of the country’s total banking sector assets.

A forum on Islamic financial services in the Sultanate of Oman reviewed how the main features of Oman Vision 2040 has enabled the growth of Islamic finance and banking markets in the Sultanate of Oman.

Successful regulatory initiatives have contributed to the Islamic banking sector in Oman shaping over 15 % of the total banking market share.

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