MUSCAT : Underscoring this positive trend, Ali Ahmed Al Lawati, Assistant General Manager of Meethaq Corporate Banking, quoted reports on Islamic economy to point out that the total Islamic assets are expected to reach $5.9 trillion in the coming year.

At a speech delivered at the Themar Islamic Banking Conference and Excellence Award 2024, Al Lawati highlighted both the opportunities and challenges facing the financial sector. Key opportunities, according to hm, are attracting foreign capital for investments that are compliant with Sharia principles; continuous updation of regulations and frameworks to adapt to the evolving Islamic finance landscape; development of money markets aimed at enhancing financial liquidity; and innovation of products and services, particularly in digital Islamic finance offerings.

On the challenges front, he listed a lack of ongoing issuances of Sukuk, shares, and funds in compliance with Islamic law within Oman’s capital markets and limited public awareness and understanding of Islamic finance and its available instruments.

Al Lawati emphasized the critical role of Islamic finance in promoting economic stability, which is grounded in principles that prohibit interest (riba) and advocate for responsible investment.
Al Lawati also noted the significant contribution of Meethaq Islamic Bank to the growth of Islamic finance in Oman. “Meethaq, as the first Islamic financial institution in the Sultanate, has obtained approval to issue Islamic Sukuk in the private sector. The recent launch of its third Sukuk issuance, valued at RO 106.7 million, received enthusiastic interest from individual and institutional investors, reinforcing the growing confidence in Islamic investment instruments,” he stated.

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