Oman has a joyous song to sing when it comes to Islamic finance. But, as experts at IFN Oman Forum 2023 highlighted, to maintain the tune, and to actually switch up the beat, industry stakeholders need to identify new opportunities in alternatives and address current market gaps. VINEETA TAN summarizes the proceedings of the successful event.
The story so far
Islamic finance in Oman is on a good run. A decade since the industry was formalized, the Sultanate has been on a phenomenal trajectory: 16.4% of the overall banking assets are Shariah compliant, the Islamic capital market account for almost 12% of the sector and Takaful premiums hold a market share of about 14%. An impressive feat from the eight Islamic banking service providers including two fully-fledged Shariah banks and two Takaful operators.