Omani Islamic banks’ assets are predicted to pass OMR 2 billion by 2012, according to a feasibility study by Al Izz Bank. The study indicates that the basic incentives for Islamic monetary services in the Sultanate are seen driven by a number of factors including country’s Muslim majorioty population.
The study showed that 70 per cent of respondents were interested in opening an Islamic savings account within the next 12 months. Seventy seven per cent indicated they would choose Islamic banking within a couple of years. The study identified the challenge of Islamic finance being a young industry which needs time to develop………………………………………..Full Article: Source