Oman’s Islamic banking assets hit RO4bn mark

Muscat - 

Total assets of Islamic banks and windows in Oman reached to RO4bn mark as of the end of March 2018, accounting for 12.4 per cent of total banking system assets in the sultanate.

Islamic banking entities provided financing to the extent of RO3.2bn as of the end of March this year as compared to RO2.6bn a year ago.

Total deposits held with Islamic banks and windows also registered a significant increase to RO3.2bn from RO2.4bn as of the end of March 2017.

Total credit to the private sector by Oman’s conventional banks rose 4.1 per cent to RO18.6bn in March this year compared to a year ago.

Total deposits held with conventional banks increased 0.6 per cent to RO19.1bn in March from RO19bn a year ago. Government deposits with conventional banks marginally declined 0.3 per cent to RO5.2bn, while deposits of public enterprises increased 3.4 per cent to RO1bn during the same period.

Private sector deposits, which accounted for 65.2 per cent of total deposits with conventional banks, marginally declined 0.8 per cent to RO12.5bn in March this year from RO12.6bn a year ago.

Conventional banks’ overall investments in securities grew 2.7 per cent to RO3.2bn. Their investment in government treasury bills stood at RO429.8mn at the end of March 2018, while total investment in government securities (including development bonds, sukuk, and others government securities) stood at RO1.4bn.

The core capital and reserves of conventional banks as at the end of March stood at RO4.5bn.

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