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Omani Islamic banks’ assets go up

The total assets of Islamic banks and windows in Oman reached to RO3.3 billion at the end of March 2017, accounting for 10.8% of total banking system assets in the country. Islamic banking entities provided total financing of RO2.6 billion as at the end of March 2017 compared to RO1.9 billion a year ago, according to the monthly statistical bulletin released by the Central Bank of Oman. Total deposits held with Islamic banks and windows also registered a strong growth to reach RO2.4 billion in March 2017 from RO1.7 billion outstanding as at the end of March 2016. The central bank said the financial position of the banks in Oman in terms of asset quality, provision coverage, capital adequacy and profitability remained sound. The gross non-performing loans as a proportion of total loans and advances stood at 2.1% at the end of December 2016.

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