Skip to content Skip to Search
Skip navigation

Oman’s Islamic banking assets rise 9.6% to $16.1bn

By Pramod Kumar
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.

Latest articles

Switzerland-based Barry Callebaut is the world's largest manufacturer of industrial chocolate, with about a 40 percent market share in volume terms

World’s largest chocolatier plans factory in Egypt

The world’s largest producer of chocolate has said it plans to build a $30 million factory in Egypt. Switzerland’s Barry Callebaut is the world’s largest manufacturer of chocolate, with about a 40 percent market share in volume terms, and is the largest processor of cocoa beans with about 20 percent market share. Vamsi Mohan Thati, […]

Spinneys says the deal with Food Tech Valley is a 'significant step in our ambitious growth plans'

Spinneys to build processing unit in Food Tech Valley

The UAE supermarket chain Spinneys has signed a deal to build a 500,000 square foot food processing unit in Dubai’s Food Tech Valley as part of the plan to increase its locally sourced produce. The deal, which will last for 27 years, is intended to foster innovation in food processing as part of the wider […]

Turkey oil gas Somalia

Search for oil off Somalia has double motive for Turkey

Turkey’s search for oil and gas off the coast of Somalia is not just a bid to free it from a dependence on imports, observers say – the move has a geopolitical aspect, too. On October 5 the 4,800-tonne energy research vessel Oruç Reis sailed through Istanbul’s Bosphorus Strait on the first leg of its […]

The Oman desert at night. Its location near the equator makes it suitable for its planned spaceport, alongside its satellite

Oman to acquire its first national satellite

Oman is in the process of acquiring its first national satellite, the head of the country’s space programme has revealed. As part of the sultanate’s national development plan, Vision 2040, it aims to have the information and communication technology sector, which includes space technology, contribute 10 percent to the overall GDP by 2040.  “Oman is […]