Islamic banking share grows

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Dubai

The share of Islamic banking to Omans economy accounted for 13.4 per cent of the total banking share in Oman at the end of June 2019 while the total assets of Islamic banking institutions operating in the Sultanate increased to RO 4.59 billion in June 2019. This was stated by Dr Qais Issa Mohammed al Yahyai (pictured), Executive Vice President of the Central Bank of Oman, at the Eighth Shura Conference for Sharia Audit being held under the auspices of His Eminence Shaikh Ahmed bin Hamad al Khalili, Grand Mufti of the Sultanate from October 6 to 8. According to the 2019 Financial Stability Report issued by the Islamic Financial Services Board, Omans Islamic banking sector is now among the 15 largest Islamic banking sectors in the world by total assets. The profitability of the Islamic banking sector in the Sultanate improved significantly during 2018, achieving a growth rate of more than 76 per cent compared to the previous year, while the total profit exceeded RO 34 million. A number of initiatives being undertaken by the Central Bank of Oman to develop the Islamic banking industry in the Sultanate has played a vital role in such achievements and we are currently undertaking a comprehensive review of the Omani banking law, including the provisions relating to the regulation of Islamic banking and the creation of the legislative environment necessary to enhance its role in the future, Dr Yahyai said.—Reuters

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