Oman’s Islamic banking and finance industry may be the youngest in the GCC, but it has exhibited tremendous growth potential and an impressive track record.

By the end of the first half of 2022, Islamic banking assets commanded a market share of almost 16%, following a 9.6% year-on-year growth to OMR6.2 billion (US$16.06 billion). The Islamic capital market too has grown in leaps and bounds – the government has tapped the sovereign Sukuk space several times with instruments for both the institutional and retail markets, all of which were heavily subscribed, demonstrating strong demand. New avenues of growth are also being cultivated such as fintech.

The Capital Market Authority and the Central Bank of Oman have been instrumental in Oman’s growth story. They continue to shape the narrative with effective policies and measures as well as continuous engagement with stakeholders.

With the support of the regulators and leading Islamic financial institutions, the 8th IFN Forum will take place in Muscat to host industry-led engagements to facilitate further expansion of the sector.