Oman has one impressive Islamic finance story to tell. The last in the GCC on the Islamic finance train, Oman has chartered an enviable progress, with the regulators – Financial Services Authority and the Central Bank of Oman – at the forefront pushing the industry forward with robust regulations, a clear vision and continuous engagement with stakeholders.

The results speak for itself: in just a decade since Islamic banking regulations were introduced, Shariah banking assets now constitute 17.2% of the total banking sector assets as at the end of June 2023. Analysts project that the sector will command approximately 20% of overall banking assets by 2025.

The Sultanate has built a holistic ecosystem with a promising Islamic asset management sector, active Sukuk market and growing Takaful segment. Oman has also taken the lead in bolstering its fintech capabilities.

We are pleased to be back in Muscat with the 9th IFN Oman Forum, again with the support of regulators and leading Islamic financial institutions.

Our esteemed colleague, Sherif Elmansy, was a featured panellist in the session titled “Riding the Wave: The Success of Islamic Banking and Takaful in Oman.”

We heard from industry experts and learned how ITS can empower business growth in the Omani market.