MUSCAT : Experts explored technology’s influence on Sharia-compliant systems, with key statements highlighting rapid growth, new product launches, and the strategic role of credit insurance in boosting the Omani economy. The panel included insights from Bank Nizwa, Meethaq Islamic Bank, Ahli Islamic, and Credit Oman.

Held under the patronage of His Highness Sayyid Numair bin Salim Al Said, the conference served as a high-level platform for strategic dialogue on the evolving landscape of Islamic finance in Oman and the wider region. Hosted by The Arabian Stories (TAS), the event brought together a distinguished group of banking leaders, Sharia experts, policymakers, and economists under the theme: ‘Islamic Financial Transactions and Economic Stability’.

A major highlight of the conference was the first panel discussion titled: ‘Open Banking and Digital Transformation Shaping the Future of Islamic Finance’. Moderated by Ahmed Hamdan Al Farsi, the session brought together Mohammed Bin Hamed Al Hashmi, Chief Compliance Officer of Bank Nizwa, Zainab Mustafa Al Lawati, Assistant General Manager – Head of Corporate Banking of Ahli Islamic, Issa Al Suqri, Head of Sharia Compliance Unit of Meethaq Islamic Banking, and Haitham Al Yaqoubi, General Manager of Credit Oman.

The panel examined the fast-paced digital transformation reshaping the Islamic banking sector, from fintech integration and digital onboarding to regulatory shifts and the rise of open banking frameworks.

Mohammed bin Hamed Al Hashmi noted that the Islamic banking sector in Oman has reached a milestone after 12 years of continuous growth and development, stating: “Islamic banks today are achieving significant and attractive figures for investors. The biggest driver of this growth is the healthy competition between Islamic and conventional banks.”

He also announced the upcoming launch of a new digital banking platform, ‘Kafu’, set to go live next week, aimed at enhancing user experience and service efficiency.

Adding to the discussion, Haitham Al Yaqoubi highlighted the role of credit insurance in boosting the competitiveness of Omani products in international markets. “Credit insurance is not just a safety net, it’s a strategic tool that enables Omani exporters to enter new markets with confidence and security,” he explained.

From a Sharia perspective, Issa bin Khalfan Al Suqri offered critical insights into digital transformation in Islamic banking. “Does digital transformation strip banking transactions of their Maqasid (Sharia objectives)? Absolutely not,” he stated.

“Rather, technological tools are seen as enablers that support the achievement of these objectives. Islamic jurisprudence has long addressed contemporary developments (Nawazil) with detailed guidance,” he added.

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