Islamic banking would generate USD6b in Oman: Ernst & Young

09 Jun 2011

(MENAFN) Ernst and Young Islamic Financial Services Group (IFSG) Head, Ashar Nazim, stated that Islamic banking would benefit Oman’s banking industry by around USD6 billion in Islamic assets over the course of the coming five years, reported Times of Oman.

Nazim also said that small banks would find the Islamic System beneficial in terms of growth, while bigger banks would be able to protect their customers and avoid losing their market share.

The Head added that if right regulatory framework and investing in people would be insured, the Omani market share of Islamic finance in banking assets would total around 20 percent to 35 percent.

It is worth noting that the market share of Islamic finance is 18 percent in the UAE, while in Saudi, Sharia-compliant financing accounts represent 57 percent of total lending.

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