CBO Holds Meeting on Ways to Develop Islamic Banking Sector in Oman

Muscat, 6 Nov (ONA) – The Central Bank of Oman (CBO) today held a meeting with chief executive officers (CEOs) of banks operating in
the Islamic banking sector to develop the Islamic banking
sector and enhance its competitiveness and sustainability.

The meeting reviewed measures to
consolidate Sharia governance and develop innovative banking products and
services that comply with the provisions of Islamic Sharia. It also sought steps to train national cadres in the fields of Islamic banking.

The meeting looked into initiatives undertaken by the CBO to upgrade the Islamic Banking sector’s contribution to the national economy and to future financial transition in the Sultanate of Oman.

The meeting aimed to devise a common
vision (between the CBO and the Islamic banking sector) for shaping the structure of the next stage of growth and supporting the goals of Oman Vision
2040.

“The meeting constitutes a milestone
in developing Islamic banking in the Sultanate of Oman and embodies the
CBO’s commitment to establish an innovative and sustainable financial
environment that contributes to achieving comprehensive economic development,” said Ahmed Jaafar Al Masallami, Governor of the Central Bank of
Oman.

Since the launch of the Islamic banking service
in Oman in 2012, the Islamic banking sector made rapid growth, reaching
a market share of about 20 percent of total assets of the banking system by
June 2025.

— Ends/Bishara