The data of the Central Bank of Oman showed that the total assets of the Islamic banking sector in the Sultanate of Oman increased to about 6.4 billion Omani riyals (16.6 billion dollars), or 16.2 percent of the total assets of the banking sector in the Sultanate, at the end of last September, registering an increase at a rate of 9.1 percent compared to the same period last year.
The total balance of financing granted by units engaged in this activity increased by 11.8 percent, to reach about 5.3 billion Omani riyals ($13.7 billion). Deposits with Islamic banks and windows increased by 12.5 percent to reach about 4.8 billion Omani riyals (12.5 billion dollars) at the end of the month.
In parallel, Standard & Poor's raised the credit rating of the Sultanate of Oman from "BB-Negative" to "BB", with a stable outlook as a result of the country's improved financial performance. The agency indicated that the credit rating upgrade came as a result of the remarkable improvement in the financial performance of the Sultanate, and the improvement in the performance of the balance of payments, expecting that the country's financial performance will witness further improvement during the current year, in addition to an improvement in the position of net assets next year. It also expected a decline in the public debt rate as a percentage of GDP from 61 percent in 2021 to 44 percent in 2022.
Source (Al-Sharq al-Awsat newspaper, edited)
