Finance forum highlights innovation, digital transformation

SUHAR: The Al Batinah North branch of the Oman Chamber of Commerce and Industry (OCCI) organised the third edition of the Finance and Insurance Forum under the theme ‘Empowerment and Sustainability’.
The forum was held under the auspices of Sulaiman bin Hamoud al Busaidi, Deputy Secretary-General of the Council of Ministers, and attended by Their Excellencies, along with representatives of government and private institutions operating in Oman’s financial, financing and insurance sectors.
Zaher bin Khasif al Harrasi, Chairman of the Finance and Insurance Committee at the OCCI Al Batinah North branch, said the third edition builds on the objectives of previous editions, with the first focusing on empowering private sector institutions and enhancing their sustainability, and the second on strengthening partnership and integration, while addressing the legislative environment, digital transformation and innovative financing.
He noted that the finance and insurance sector is undergoing rapid transformation driven by modern technologies, artificial intelligence and data analysis, creating opportunities to develop services, improve operational efficiency, accelerate procedures and enhance the customer experience.
Al Harasi stressed the importance of keeping pace with these developments within frameworks that promote stability, preparedness and sustainability.
He said the forum seeks to strengthen the role of innovation and financial technology in developing the financial and insurance sector and improving its operational efficiency. It also aims to enhance the readiness of financial institutions and insurance companies to respond to crises and disasters through smart solutions, improved risk management and business continuity systems.
The forum also seeks to create a business environment conducive to investment and innovation and support the growth and sustainability of the private sector.
The programme featured dialogue sessions and specialised working papers, including a main session on the role of the financial sector in supporting the national economy.
Another session, titled 'The Financial Sector in the Era of Digital Transformation: Innovative Legislation, Smart Investment, and Sustainable Growth', examined key changes in the sector and the requirements for developing the regulatory and investment environment.
Dr Mughith Shawkat, Executive Adviser at the Islamic Research and Training Institute, presented a paper on the role of Islamic finance and investment in supporting economic transformation in Oman. He highlighted the importance of expanding the role of capital markets, funds and sukuk in financing projects and stimulating economic activity.
He said Oman’s Islamic finance industry grew from around $36 billion at the end of 2025 and is expected to reach about $45 billion in 2026. Islamic banks and windows account for around 23 per cent of the banking system’s assets, he added, noting growth opportunities in Takaful insurance, asset management and Islamic funds.
A dialogue session under the theme “Sustainability and the Future” discussed the role of financial and insurance institutions and smart applications in supporting the private sector, focusing on the use of digital solutions to improve service efficiency and strengthen the competitiveness of private sector institutions.
The forum also featured a specialised exhibition involving government and private institutions. It showcased regulatory and legislative services governing Oman’s financial and insurance sectors, as well as financing, insurance and digital solutions offered by participating institutions.
The forum concluded with recommendations to develop the legislative and regulatory environment in line with advances in financial technology and digital business models, while maintaining a balance between innovation and financial stability.
The recommendations also called for greater use of data- and risk-based supervision, artificial intelligence and modern regulatory technologies to enhance supervisory efficiency.
Other recommendations included digitising financial and insurance services, simplifying procedures, improving the customer experience, strengthening institutional integration and data exchange, and supporting the financial technology and innovation ecosystem.
The forum also called for stronger links between startups, financial institutions, regulators and investors to help turn innovative ideas into practical applications.
Further recommendations included developing new financial and insurance products, diversifying private sector funding sources, expanding the use of capital market instruments, bonds and funds, and developing national capabilities in artificial intelligence, data, financial technology, cybersecurity and innovation.
The recommendations also stressed the importance of early preparedness for global changes, risks and emerging transformations. - ONA