The data released by the Central Bank of Oman showed an increase in the total balance of financing granted by the Islamic banking sector at the end of January 2021 to about 4.4 billion riyals (11.4 billion dollars), registering an increase of 9.7 percent compared to the same period last year.
Deposits with Islamic banks and windows increased by 10.3 percent to reach 3.8 billion riyals ($9.8 billion) by the end of January 2021. As for the total assets of Islamic banks and gates combined, it reached about 5.3 billion riyals ($13.7 billion), or 14.5 percent of the total assets of the banking sector in the Sultanate by the end of January 2021.
Fitch Ratings suggested that the Islamic banking sector in the Sultanate would continue to grow in 2021 and 2022 after the strong momentum in 2020, despite the epidemic and the drop in oil prices. Revealing the growth of Islamic finance in the Sultanate by 9.5 percent in 2020, compared to the growth of conventional bank loans by 2.2 percent. Fitch revealed that the market shares of Islamic banking and Islamic gates in the Sultanate increased to 14.5 percent at the end of 2020 compared to 13.9 percent at the end of 2019, with total assets amounting to 5.2 billion riyals ($13.5 billion).
Source (London-based Al-Arab Newspaper, Edited)
