Following a royal decree by His Majesty Sultan Qaboos bin Said authorizing Shariah complaint financial products has generated a new wave in the Islamic Banking sector.
Researchers on Islamic banking say that global Islamic finance industry is set to grow 24 percent annually. Thus, Oman too is looking into the prospects of adopting the system of Islamic banking which has proved fruitful in other countries.
Since Islamic financial companies have started to show interest in the Omani banking sector, an Islamic banking conference was held in Muscat on June 20 at Shangri La's Barr Al Jissah Resort and Spa which featured renowned experts from the world of Islamic finance who discussed the possibilities and outcomes of investing in Oman's growing banking sector, they further spoke about the possible advantages that banks in Oman could avail from the new system.
The conference was hosted by ITS (Interanational Turnkey Solutions), one of the leading business and technology solution providers for banking, Islamic financ, higher education and telecommunications sector.
Another conference was hosted by Ernst and Young, a world famous professional accountancy firm to talk about the prospects of the Islamic banking system in Oman, they presented enlightening facts and figures of the Omani banking sector.
After proving its worth in several countries worldwide, Islamic banking is finally making place in Oman and is already getting a good response from different organisations of the financial sector.
Researchers on Islamic banking say that global Islamic finance industry is set to grow 24 percent annually. Thus, Oman too is looking into the prospects of adopting the system of Islamic banking which has proved fruitful in other countries.
Since Islamic financial companies have started to show interest in the Omani banking sector, an Islamic banking conference was held in Muscat on June 20 at Shangri La's Barr Al Jissah Resort and Spa which featured renowned experts from the world of Islamic finance who discussed the possibilities and outcomes of investing in Oman's growing banking sector, they further spoke about the possible advantages that banks in Oman could avail from the new system.
The conference was hosted by ITS (Interanational Turnkey Solutions), one of the leading business and technology solution providers for banking, Islamic financ, higher education and telecommunications sector.
Another conference was hosted by Ernst and Young, a world famous professional accountancy firm to talk about the prospects of the Islamic banking system in Oman, they presented enlightening facts and figures of the Omani banking sector.
After proving its worth in several countries worldwide, Islamic banking is finally making place in Oman and is already getting a good response from different organisations of the financial sector.
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