Islamic banking assets grow to RO 8.3 Billion

MUSCAT: The total assets of Islamic banks and windows in Oman reached RO 8.3 billion by November 2024, accounting for 18.8% of the nation’s banking sector assets. This represents a year-on-year growth of 15.4%.

Financing extended by Islamic banks rose by 13.3% to RO 6.8 billion, while deposits surged by 22.5% to RO 6.6 billion during the same period. The robust growth underscores the increasing role of Islamic finance in Oman’s banking landscape. — ONA