Oman to add $6bn in Islamic assets, says Ernst and Young
A successful roll-out of Islamic banking system could easily see the industry in Oman gaining up to $6bn in Islamic assets over next few years.
Global Shari'a-compliant assets are estimated to have crossed $1 trillion in 2010, growing at a sustainable 15-30% per year.
The Central Bank of Oman has permitted conventional banks to operate their Islamic banking business through a 'window' operation. The result therefor was that the market could see a number of conventional banks entering the Islamic finance space in the next couple of years.