Muscat: The Central Bank of Oman’s latest report highlights the robust performance of Islamic banking institutions, with key indicators showcasing substantial growth across various financial metrics. The total assets of banks and Islamic windows combined saw a remarkable surge, reaching RO 7.5 billion by the end of January 2024. This figure represents a significant 17.6 per cent of the total assets within the banking sector of the Sultanate, reflecting a notable increase of 16.3 per cent compared to the corresponding period in the previous year.

Moreover, the statistics reveal a noteworthy expansion in the balance of financing granted by units engaged in Islamic banking activities. The total financing extended surged by 12.7 per cent, amounting to approximately RO 6.2 billion.

In addition to the rise in financing activities, deposits at Islamic banks and windows also experienced a substantial uptick. Deposits surged by 14.9 per cent, reaching around RO 5.6 billion by the end of January 2024.