H.E Tahir Salim Al Amri
Central Bank of Oman
Date: 12th March 2019
Remaining: 300 Seats
Speakers: 50 Speakers
About The Forum
Oman has been the hotbed of interest for investors and corporates alike for almost half a decade now. The development of the Islamic finance and banking industry has been an important contributor to the country’s economic growth, with efforts to grow the sector being exercised frequently to compete with its neighbors. Oman has had an impressive Islamic finance growth across multiple sectors in the past years.
As at the end of the first quarter of 2018, Islamic banking assets was recorded at OMR1.41 billion (US$3.65 billion), a 36.9% year-on-year increase from OMR1.03 billion (US$2.67 billion). Revenues generated by the Sultanate’s Islamic banking industry during the same period was realized at OMR17.87 million (US$46.31 million), an increase of 46.12% from OMR12.23 million (US$31.69 million) recorded in the first quarter of 2017.
H.E Tahir Salim Al Amri
Last Visit to Muscat
As one of the last GCC nations to join its peers in tapping the Islamic finance industry, Oman has been the hotbed of interest in the GCC region for investors and corporates alike for almost half a decade now. The development of the Islamic finance and banking industry has been an important contributor to the country’s economic growth, with efforts to grow the sector being exercised frequently to compete with its neighbors.
Oman has had an impressive Islamic finance growth across multiple sectors in the past years. By the end of 2016, Shariah compliant shares worth OMR3.3 billion (US$8.54 billion) represented 21.58% of the total market capitalization of shares listed on the Muscat Securities Market. Sukuk outstanding of OMR329.48 million (US$852.92 million) took up 16.29% of the total market value of the fixed income market. In 2017, the sovereign issued its US dollar Sukuk, followed by the first Sukuk program by Meethaq. Meanwhile, the Takaful market’s gross direct premiums of OMR42.06 million (US$108.88 million) represented 9.3% of the total insurance premiums in Oman. All these were achieved in about six years since Islamic finance was permitted in 2011 – a remarkable feat. The Sultanate’s strong political will, as well as solid demand, is the driving force behind its success.
Nonetheless, there is still ample room for more development including continuous engagement between regulators and industry participants to discuss needs and enhance the regulatory infrastructure, better communication and alignment of procedures between regulatory and government bodies and continuous development in the human capital space.
After the success of IFN Oman Forum in 2017, the forum will once again return to Oman on the 13th March 2018. Having hosted the forum and dialogue with many groundbreaking sessions and an engaging debate in 2017, the event for 2018 will evolve into a forum with an expected larger number of participants, against the backdrop of further inroads that Oman has made in the industry thus far. Join market regulators and leading industry experts as they discuss the potential of this growing industry at IFN Oman Forum 2018.
We were very pleased with the attendance of all the major banks and fintechs from India, Pakistan, Iran, and Bahrain that participated. It was a small setup but one of the very well-organized and compact ones. On behalf of Monami Tech, we appreciate the exposure and hope to be considered for speaking opportunities in the future.
Thanks and appreciation for the excellent organization of the forum. It was also our pleasure to participate in the prestigious event. We look forward to 2019’s edition too.
Thanks for having me at this very high-profile event and allowing me to speak and learn and share views at the dialogue. I am sure IFN Events will be followed in the future and participants will be waiting for it.