Oman ranks fifth glob­ally in Is­lamic econ­omy in­dex

Muscat Daily - - FRONT PAGE -

Within seven years af­ter the introducti­on of Is­lamic bank­ing and fi­nance industry in the sul­tanate, Oman has achieved a place among the top five coun­tries dom­i­nat­ing the global Is­lamic econ­omy.

The State of Global Is­lamic Econ­omy Re­port 2018/2019 (pub­lished by Thom­son Reuters) has ranked Oman at the fifth po­si­tion in the Is­lamic Econ­omy In­di­ca­tor, ac­cord­ing to Dr Qais bin Issa al Yahyaei, the ex­ec­u­tive vice pres­i­dent of the Cen­tral Bank of Oman (CBO). The Global Is­lamic Econ­omy In­di­ca­tor gives a com­pre­hen­sive pic­ture of which coun­tries are best po­si­tioned to ad­dress the mul­ti­tril­lion-dol­lar global op­por­tu­nity.

Speak­ing at a con­fer­ence on Is­lamic fi­nance or­gan­ised by Omani French Friend­ship As­so­ci­a­tion at Fraser Suites Mus­cat on Wed­nes­day, Yahyaei said, “I am pleased to note that, based on its multi-di­men­sional rat­ing scale, Global Is­lamic Econ­omy Re­port 2018/2019, ranked Oman at the fifth po­si­tion glob­ally in terms of Is­lamic econ­omy. While this recog­ni­tion is quite en­cour­ag­ing, it could be no­ticed that there is fur­ther po­ten­tial to en­cour­age lo­cal busi­nesses to ex­pand their out­reach in all sec­tors.”

He noted that within a span of seven years since the launch of Is­lamic bank­ing, the mar­ket share of Is­lamic bank­ing as­sets in Oman has reached over 13.4 per cent with to­tal as­sets of over RO4.6bn by June 2019. A to­tal of eight Is­lamic bank­ing en­ti­ties are op­er­at­ing in Oman, con­sist­ing of two full-fledged Is­lamic banks and six Is­lamic bank­ing win­dows.

“The prof­itabil­ity of Is­lamic bank­ing sec­tor in Oman has con­sid­er­ably im­proved dur­ing 2018 with a to­tal profit of over RO34mn. This is an im­pres­sive growth of over 76 per cent from the pre­vi­ous year. All th­ese achieve­ments have al­ready made Is­lamic bank­ing sec­tor in Oman among the 15th largest in the world,” Yahyaei said.

With its high qual­ity in­fra­struc­ture, busi­nesses friendly poli­cies and ed­u­cated and en­er­gised youth, Oman has all the ba­sic in­gre­di­ents avail­able for the pro­mo­tion and growth of the Is­lamic econ­omy, he said.

Apart from bank­ing, Yahyaei said the Is­lamic cap­i­tal mar­ket and taka­ful sec­tors have also shown si­mul­ta­ne­ous progress in Oman. “Based by sev­eral le­gal and reg­u­la­tory ini­tia­tives for th­ese sec­tors – in­clud­ing is­suance of news laws and reg­u­la­tions – cur­rently three Is­lamic funds and two taka­ful com­pa­nies are op­er­at­ing in the sul­tanate. More­over, four sov­er­eign sukuk and five cor­po­rate sukuk have been is­sued so far, with a va­ri­ety of struc­tures and cur­ren­cies.”

The Omani French Friend­ship As­so­ci­a­tion’s con­fer­ence de­lib­er­ated on many is­sues in­clud­ing the next stage of the de­vel­op­ment of Is­lamic bank­ing and Is­lamic cap­i­tal mar­kets in Oman.

H E Re­naud Salins, Am­bas­sador of France to Oman and Hind Bah­wan, chair­per­son of Omani French Friend­ship As­so­ci­a­tion, were also present at the event.

The mar­ket share of Is­lamic bank­ing as­sets in Oman has reached over 13.4 per cent

Qais al Yahyaei

(Mus­cat Daily)

Dr Qais bin Issa al Yahyaei speaks at the Is­lamic fi­nance con­fer­ence on Wed­nes­day

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