Muscat: As per the Central Bank of Oman’s latest report, the total assets of Islamic banks and windows surged by an impressive 16.3 per cent, reaching approximately RO 7.5 billion. This substantial increase accounts for about 17.6 per cent of the total assets within the broader banking sector of Oman, showcasing the growing influence and significance of Islamic finance in the country’s financial landscape.

Moreover, the data revealed a noteworthy 12.7 per cent rise in the total balance of financing granted by the Islamic banking sector, which now stands at approximately RO 6.2 billion. This surge in financing activities underscores the sector’s ability to meet the diverse financial needs of businesses and individuals in Oman while adhering to Islamic principles.

In tandem with the asset and financing growth, deposits at Islamic banks and windows saw a robust uptick of 14.9 per cent, reaching around RO 5.6 billion. This increase in deposits reflects the growing confidence among customers in the stability and reliability of the Islamic banking sector.