Oman’s Islamic banks and window operations recorded a major growth of 65.9 per cent at OMR1.5 billion for the first nine-month period ending September 2015, compared with the same period of the previous year.
According to a report published by the Times of Oman, the robust growth in Islamic finance indicates that Sharia-compliant banks were able to establish themselves in the market and are able to overcome problems.
Two Islamic banks and window operations of conventional banks have offered new products to lure in Omani customers, besides opening several branches in different parts of the country.
The total value of customer deposits with Islamic institutions shot up by 210 per cent to OMR1.3 billion by the of September, from only OMR429.7 million for the same period of last year, according to fresh data by the Central Bank of Oman (CBO).
There has been a significant increase in number of branches and assets held by these institutions since almost two year.
Islamic banks in Oman now focus on small and medium enterprises. Sharia compliant institutions are also focusing on creating awareness on Islamic products among the potential customers.
OMR1= AED9.54, at the time of publishing