Bank Nizwa discusses growth of Islamic Finance

MUSCAT: Bank Nizwa, the pioneer and leading dedicated Islamic bank in Oman, recently hosted a special dinner event for local Treasury Dealers and Financial Institution managers. With over 60 guests representing professionals from various banks as well as the Central Bank of Oman, the gathering was a networking opportunity for industry professionals to share views and discuss the latest trends of Islamic finance.

Bank Nizwa’s Assistant General Manager of Investment, Treasury and Project Finance, Saif al Rawahi highlighted the important roles played by Treasury Dealers and Financial Institution Managers in his welcome note and said, “Such events will not only foster closer ties within the local financial markets community but may also act as a platform for new ideas and growth for the Islamic banking sector and hopefully the overall banking landscape in Oman”.

According to the World Bank, Oman’s economy is expected to grow by 3.7 per cent in 2020 with rise in new natural gas output coming on-stream and potential boost from the Government’s diversification efforts to increase non-hydrocarbon growth. Moreover, Islamic banking in Oman has shown robust growth with Islamic banking entities providing financing to a record of RO 4 billion by the end of 2019, a growth of 11 per cent. Since its initiation in December 2012, Islamic banking now constitutes 13.9 per cent of the overall Oman banking system assets.