NBFCs may face competition from Islamic banks, say analysts

Oman's non-banking financial companies (NBFCs) posted decent growth in income and profits in 2012. And analysts believe that the sector will see strong growth in 2013 on the back of project and infrastructure spending by the government. An analysis of the six listed NBFCs shows that aggregate income rose 11.94 per cent to RO65.30mn in 2012, while their combined net profit rose 17 per cent to RO24.14mn. NBFCs expect some competition for the leasing sector from Islamic banks, especially in auto financing.

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