Oman

Omanis enjoy access to an extremely well organised and comprehensive pensions system, which covers both public and private sector employees. Plans are now under way to extend coverage to include expatriates as well, with the possibility for private pension schemes to fill some of the gaps in the state’s provision. This is likely to benefit the sultanate’s insurers while...

As part of Oman’s entrance into the world of Islamic finance, Islamic insurance, or takaful, is also on course to make its debut in 2012-13. This may have important effects on the wider insurance market, while also increasing choice for Omani consumers.

When the news came in mid-October 2012 that the Capital Markets Authority (CMA) had finalised new draft regulations on the issuance of Islamic bonds, sukuk, this was greeted as an important step in the process towards the creation of a debt market.

Trade is an activity embedded in Omani history, crucial to facilitating the country’s past and present economic successes. In the past five years, Omani exports have seen impressive growth. Although in 2009 they dipped from OR14.5bn ($37.8bn) to OR10.6bn ($27.7bn) due in large part to global economic conditions, exports bounced back quickly. By...

One of the most significant recent developments in Oman’s banking sector has been the arrival of Islamic banking, bonds and insurance – some rapidly growing global industries that were previously non-existent within the sultanate. The development of the Islamic financial services sector has been welcomed by many Omanis, while also giving impetus...

Recent changes in the sultanate’s banking landscape have increased competition for loans, with banks now also switching some of their emphasis from retail to corporate. These moves come ahead of an expected acceleration in competition overall, as Islamic banks and banking windows enter the market operationally in late 2012-13, and a range of...