MUSCAT: A new report by Fitch Ratings revealed that the Sultanate of Oman’s share of global Islamic banking assets is 0.7 percent, larger than countries such as Iraq which has a share of 0.4.
The report said challenges specific to Islamic banking include poor awareness of Islamic products, lack of standardisation, limited product range, and lack of Islamic liquidity management tools.
As for Iraq, there is a lack of confidence in the banking system, and low awareness of the Islamic finance industry, which may slow down the sector’s growth path.
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According to the World Bank, about 81% of the adult population in Iraq did not have a bank account in 2021, compared to 60% in the Arab world. About 24% of the population who don’t have a bank account have cited religious reasons being a barrier.
