Oman’s Islamic banking sector is now world’s 15th largest

These characteristics had enabled the Sultanate to be recognised internationally in recent months, he noted. “A few weeks ago, World Bank’s Ease of Doing Business 2020 annual report ranked Oman at 68th position globally, an advancement of 10 positions from the previous year.

The Sultanate also ranked first in the GCC in the “trading across borders” index,” he said.

The ‘Islamic Economy’, Dr Al Yahyaei stressed, should also be harnessed to support businesses with their funding requirements, thereby fuelling the growth of the national economy.

“Islamic banking entities should aim to offer innovative solutions to meet the needs of small and mediums enterprises, services sector and agriculture, while following the Islamic finance core principles of fairness, transparency and risk sharing. The provision of finance to these sectors will allow creating employment, promoting business and diversifying the economy.”

He also called upon Islamic banks to explore the integration of Islamic finance with social finance tools such as waqf, zakat and sadaqah to help achieve greater financial inclusive and thereby cater to the underserved and encourage wealth distribution as well.

“Similarly, stakeholders should not forget to enhance consumer experience by offering innovative solutions for credit, business and shopping by the use of digital channels and e-delivery solutions,” he added.