Islamic banks post 13.3% growth

MUSCAT:The total assets of Islamic banks and Islamic windows climbed to RO 7.2 billion, accounting for 17.6 percent of the total assets of the banking sector in the Sultanate of Oman by the end of August 2023. This marks an increase of 13.3 percent compared to the same period last year.

Data issued by the Central Bank of Oman indicated that the total balance of financing granted by Islamic banks and units engaged in this activity recorded a 12.9 percent increase, reaching about RO 5.9 billion by the end of August 2023.The data revealed that deposits with Islamic banks and windows saw a 13 percent increase, reaching approximately RO 5.4 billion by the end of August 2023._ONA