EVENTS & ANNOUNCEMENTS
Oman’s Islamic Economy and Vision 2040’s Bright Horizon
The pandemic has provided a moment of reflection in which more care and attention is being paid to how the global economy functions. For a country that thrives on new ideas and innovation, the UAE is busy engaging with fresh ways to grow sustainably its economy. And across the world the Islamic economy is growing. Over 2019, there were €2.4 trillion invested in Islamic finance assets. 1.9 billion Muslims around the world spent €1,7 trillion across the Islamic economy. Halal food, fashion and recreation being the top three drivers.
Oman’s Islamic banking sector growth is likely to continue apace in 2021-2022 following strong momentum in 2020 despite the pandemic and lower oil prices. Islamic financing in Oman grew by 9.5% in 2020. This was driven by demand for Islamic products, support from conventional banks offering Islamic products through their Islamic windows, and regulations supportive of Islamic finance.
The sector’s growth potential is high given Oman’s Muslim-majority demographics. Challenges for the sector include limited short-term sharia-compliant investment options to place excess liquidity, a relatively low capital base and low customer awareness of Islamic products.
With representatives from the leading players, including Bank Nizwa, The Firm for Business and Economic Consulting and National Finance, The Business Year brings this digital roundtable to discuss the current state of play and the future potential of Oman’s Islamic Banking Sector.
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