Oman’s Islamic banking sector records robust growth during the first half of 2015

Helped by growing awareness of Sharia’a-compliant banking services and increasing number of branches, the Islamic banking sector in the sultanate recorded robust growth during the first half of 2015. The combined assets of the sector surged 64 per cent to RO1.83bn as of June 30, 2015 against RO1.11bn a year ago. Islamic banking now accounts for 6.3 per cent of the total banking assets in Oman. Total financing by Islamic banks and windows jumped by 85 per cent to RO1.38bn from RO745mn. Oman's Islamic banking sector comprises two fully-fledged Islamic banks (Bank Nizwa and alizz islamic bank) and six Islamic banking windows of locally incorporated commercial banks.