Islamic banking assets in Oman climb 10.5% to surpass $26bn
- Islamic banking entities provided $20.8 billion in financing, marking a 10.9% rise compared to the previous year.
- Total deposits with Islamic banks grew by 10.3% to approximately $20.8 billion in July.
- Conventional banks also saw significant growth, with total credit rising 12.7% and private sector credit climbing 11.9%.
- Deposits at conventional banks rose by 14.6% to $76.1 billion, with total deposits in the banking sector increasing by 13.2% to $96.4 billion.
- The average lending rate at conventional banks declined to 5.31%, while interest rates generally eased in response to economic conditions.
