TBY hosts roundtable on Islamic finance

The Business Year (TBY), a global media group that has been providing investors, businesses, and governments with first-hand insights into the world’s most dynamic markets for over a decade, hosted a digital roundtable on October 12 to debate the current state and future potential of Oman’s Islamic banking sector.

The event was presented by the TBY team, including Benjamin Macshane, Associate Editor, and Andrea Tsiachtsiri, Country Director for Oman.

It also included HH Dr Adham al Said, CEO and Co-founder of The Firm for Business and Economic Consulting LLC; Khaled al Kayed, CEO of Bank Nizwa and Tariq al Farsi, CEO of National Finance Co, who discussed the role that Islamic finance is having at a regional and international level.

Oman has the 15th largest Islamic banking sector globally. Despite the Covid-19 pandemic and the downturn in oil prices, Islamic banking sector growth is likely to continue apace in 2021-2022, following its strong momentum in 2020, when it expanded by 10 per cent.

The roundtable underlined the main features of Islamic finance and the reasons behind its success. Since its arrival in Oman in 2012, the concept has created a whole new mindset, underlining social responsibility and risk sharing, Islamic principles, and sharia compliance.

The main infrastructure challenges were also discussed, along with issues surrounding sustainable production and innovation, liquidity management, and the growing role of SMES and start-ups.

The speakers discussed the role of the government and regulations, as well as the potential that Islamic finance has to help mitigate the economic strains and fiscal challenges of the country, providing the enabling factors to meet Vision 2040 objectives.