MUSCAT: Oman’s Islamic banks and window operations have shown a robust growth of 107 per cent in financing at OMR1,265.8 million for the first four months of 2015, from merely OMR611.1 million in the same period last year.
Such robust growth in Islamic finance shows that Sharia-compliant banks are able to establish themselves in the market and able to overcome their teething problems.
Further, two Islamic banks and window operations of conventional banks have launched innovative products to attract Omani customers, besides opening several branches in different parts of the country.
Total customer deposits held by Islamic institutions also shot up by 194.5 per cent to OMR847.3 million by the end of April 2015, from OMR287.7 million for the same period last year, according to the latest monthly bulletin released by the Central Bank of Oman.
There has been considerable increases in the number of branches and assets held by these entities. Islamic banks are opening up new segments and players and, thus, adding to the competitive environment, not only in terms of efficiencies and innovations, but by also providing consumers the benefit of choosing between both conventional and Islamic banking products.
In Oman, two Islamic banks – Bank Nizwa and Alizz Islamic Bank – along with the window operations of six conventional banks, have scores of branches across the country.
The total assets of Islamic banks and windows stood at OMR1,371 million at the end of December 2014, an increase of 68.2 per cent over the previous year.
Islamic banking entities provided financing of OMR1,049.5 million as of the end of 2014, compared to OMR434.3 million one year earlier. Together, Islamic banks and windows brought down their combined net losses to OMROMR4.4 million last year, from a net loss of OMR13.86 million in the previous year.
(Times Of Oman / 05 July 2015)
---Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com
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