Banking & IFS

A number of challenges have confronted Oman’s banking sector in recent years: a structural shake-up in the form of a new Islamic segment has increased competition levels; declining oil prices, which have constricted lending opportunities in some segments and compelled the regulator to encourage greater credit extension to others; and uncertainty surrounding the growth of regional economies, which further clouds the sector’s growth prospects in the short term. Nonetheless, the sector has continued to produce robust results, and is well positioned to weather the current economic turbulence. This chapter contains interviews with Hamood Sangour Al Zadjali, Executive President, Central Bank of Oman; and AbdulRazak Ali Issa, CEO, Bank Muscat.