30 March 2021: Islamic Banking Penetration Could Increase in Oman with Greater Use of Fintech to Serve Clients: Report
Fitch Ratings reports that the Islamic banking ecosystem in Oman is expected to continue growing during 2021-2022 after rather strong momentum last year. This, despite the COVID-19 outbreak and historically low oil prices, Fitch Ratings noted.
Islamic financing in the MENA region country expanded by 9.5% last year, when compared with the traditional banks’ loan growth of just over 2%, the report added. It also mentioned that the growth was mainly driven by rising demand for Islamic or Sharia-compliant products, support from incumbents providing such products via their Islamic division, and progressive regulations that support the development of Islamic finance.
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