Browse
related articles
Experts say Omanis borrowing more than they can afford
- Oman: Monday, October 22 - 2012 at 03:51
Financial experts have said Omani citizens are saddled with more banks loans than they can afford and the increasing number of borrowers is threatening to tip the scale of economy, Times of Oman has reported. According to the central bank of Oman, local operating banks lent OR5.027bn to individuals in 2011, compared with OR4.284bn in 2010 and OR4bn in 2009, an average rise of 7% a year. "This is slowly tipping the scale of the economy when ordinary people borrow half what the government spends the whole year," Abdulaziz Al Rahbi, a financial analyst at Capital Investments, told the daily. He said consumer loans are expected to jump by 20% in 2012 because of the initial public offering (IPO) of the two Islamic banks. "Individual investors borrow heavily to buy new shares hoping to make quick profits just two months later. It does not always work out that way. They are left with debts which they can pay half what they borrowed," Al Rahbi said.
Related Content
Article Options
Disclaimer »
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.
In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
