MUSCAT – The Central Bank of Oman (CBO) today held a meeting with chief executive officers (CEOs) of banks operating in the Islamic banking sector to develop the Islamic banking sector and enhance its competitiveness and sustainability.
The meeting reviewed measures to consolidate Sharia governance and develop innovative banking products and services that comply with the provisions of Islamic Sharia. It also sought steps to train national cadres in the fields of Islamic banking.
The meeting looked into initiatives undertaken by the CBO to upgrade the Islamic Banking sector’s contribution to the national economy and to future financial transition in the Sultanate of Oman.
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The meeting aimed to devise a common vision (between the CBO and the Islamic banking sector) for shaping the structure of the next stage of growth and supporting the goals of Oman Vision 2040.
“The meeting constitutes a milestone in developing Islamic banking in the Sultanate of Oman and embodies the CBO’s commitment to establish an innovative and sustainable financial environment that contributes to achieving comprehensive economic development,” said Ahmed Jaafar Al Masallami, Governor of the Central Bank of Oman.
Since the launch of the Islamic banking service in Oman in 2012, the Islamic banking sector made rapid growth, reaching a market share of about 20 percent of total assets of the banking system by June 2025.
