Sunday, 28 November 2021 10:58 GMT

Oman's Islamic banking assets surge to RO3.7bn

(MENAFN- Muscat Daily) Muscat- The total assets of Oman's Islamic banks and windows surged to RO3.7bn as of the end of November 2017, accounting for 11.9 per cent of the sultanate's total banking system assets. Islamic banking entities provided financing to the extent of RO3bn as of the end of November 2017 compared to RO2.4bn a year ago, according to the monthly bulletin released by the Central Bank of Oman (CBO).

Total deposits held with Islamic banks and windows also registered a significant increase to RO2.9bn in November 2017 from RO2.1bn in November 2016.

With regards to monetary aggregates in the end of November last year, narrow money stock registered a year-on-year decline of 1.4 per cent to RO5bn. However, quasi-money (RO saving and time deposits, certificates of deposit issued by banks, margin deposits and foreign currency denominated deposits) witnessed a growth of 5.8 per cent during the period. Broad money supply stood at RO16.1bn as of the end of November 2017 and grew by 3.5 per cent during the same period.

In respect of domestic interest rate structure of conventional banks, the weighted average interest rate on RO deposits increased to 1.677 per cent in November 2017 from 1.443 per cent a year ago, while the weighted average RO lending rate increased to 5.215 per cent from 5.081 per cent during the same period a year ago.

The overnight RO domestic inter-bank lending rate stood at 1.214 per cent in November 2017, much higher as compared to 0.475 per cent a year ago.

The average repo rate for liquidity injection by the CBO stood at 1.767 per cent per annum during the month of November 2017. The overall hardening of interest rates reflects some tightening of liquidity in the banking system.


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