Banking & IFS

Oman’s banking sector has weathered the economic downturn resulting from the 2014-15 hydrocarbons price drop without a significant erosion in asset quality, and returned to its long-term trend of deposit and loan growth. As a result of firmer oil prices and a broadly positive outlook for the sultanate’s economy, the industry is preparing for a new phase of credit expansion. However, challenges remain. Recent years have seen banks struggle to meet previous levels of profitability, and an ongoing process of regulatory reform is placing a strain on the bottom line of some institutions. This chapter contains interviews with Tahir bin Salim Al Amri, Executive President, Central Bank of Oman; and Waleed Al Hashar, CEO, Bank Muscat.