Strong Appetite for Islamic Finance in Oman

19 May, 2012

A recent market research study entitled ‘Islamic Finance in Oman – Sizing the Retail Market' analysed the retail market for Islamic finance in Oman across all sectors of the financial market, including banking, finance and insurance. The report, commissioned by independent consultancy, IFAAS (Islamic Finance Advisory & Assurance Services), examined the current behaviour of consumers and measured future market trends to gauge the real potential for Islamic finance in Oman.

Key findings from the report reveal:

• 85% of consumers in Oman expressed an interest in Islamic finance products, with 59% saying they were very interested and 26% quite interested.

• 70% of consumers in Oman anticipate opening an Islamic savings account in the next 12 months. (35% expected to do so within three months of such accounts becoming available).

• 77% of consumers in Oman expect to take out an Islamic loan within the next 1 2 years.

Oman is currently working on a rule book for Islamic banking. It is due to be completed in time for the mid year change in the law, which will effectively be the starting gun for those organisations planning to offer Islamic banking.