A successful roll-out of Islamic banking system could easily see the industry in Oman gaining up to $6bn in Islamic assets over next few years, according to estimates by Ernst and Young's Islamic Financial Services Group (IFSG).
Total banking assets in Oman in 2010 were estimated to be $42bn. Shari'a-compliant financial institutions, which are expected to commence operation in the country within a short period, are expected to capture a substantial share of this market and of total banking assets within a few years.
Speaking at Ernst & Young's Islamic Banking session at the Muscat Holiday Hotel, Ashar Nazim, Executive Director and Head of Islamic Financial Services, Ernst & Young MENA, said, "The Islamic banking opportunity could be substantial as we expect the industry to reflect its performance in other GCC markets. As an indication of how Islamic banking would evolve in Oman, we can look at the neighboring UAE market, where it has captured a significant share in a short period of time. New Islamic banks and Islamic banking windows in conventional banks are set to capture a significant share of the market over the coming months."
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