Muscat: The Central Bank of Oman (CBO) today convened with the chief executive officers of banks in the Islamic banking sector to explore strategies for enhancing the sector’s competitiveness and sustainability.

According to Oman News Agency, the meeting focused on consolidating Sharia governance and developing innovative banking products and services that align with Islamic Sharia principles. It also emphasized the importance of training national cadres in Islamic banking fields.

The discussions also covered initiatives by the CBO to boost the Islamic banking sector’s contribution to the national economy and support financial transition in Oman. The meeting aimed to create a shared vision for the future growth of the sector, aligning with the goals of Oman Vision 2040.

Ahmed Jaafar Al Masallami, Governor of the Central Bank of Oman, stated, “The meeting constitutes a milestone in developing Islamic banking in the Sultanate of Oman and embodies the CBO’s commitment to establish an innovative and sustainable financial environment that contributes to achieving comprehensive economic development.”

Since its inception in 2012, the Islamic banking sector in Oman has grown significantly, capturing a market share of about 20 percent of the total assets in the banking system by June 2025.