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Islamic Finance Briefing - Categorized | Banking, Emerging Trends more

Economics, politics spur Islamic banking in Oman

Posted on 15 September 2011

Oman, home to roughly 3 million Muslims, is seen as an untapped opportunity for Islamic finance, which prohibits the lending of money for interest and other activities that violate religious principles.
The Islamic finance market has grown to nearly $1 trillion (634 billion pounds) globally, analysts estimate. But unlike neighbouring states such as the United Arab Emirates and Iran, which have embraced the industry, Oman until this year remained stubbornly secular in its approach to finance. Its central bank head said in 2007 that “banks should be universal.”………………………………………Full Article: Source

 
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