Muscat: The Islamic banking sector in Oman has demonstrated remarkable growth, with total assets rising to RO 7.6 billion by the end of March 2024. This increase of 14.8 percent compared to the same period last year underscores the sector’s expanding influence, now accounting for 17.7 percent of the total assets in the Omani banking industry.
Data from the Central Bank of Oman revealed that the total balance of financing provided by Islamic banking units surged by 12 percent, reaching approximately RO 6.3 billion.
Moreover, deposits at Islamic banks and windows saw an impressive growth of 18.6 percent, amounting to around RO 5.8 billion by the end of March 2024.
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