MUSCAT — Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs, has ruled out any government plans to invest in the Islamic banking sector. Speaking at the opening of the First Islamic Banking here yesterday, Al Balushi said that conditions are ripe for Islamic banking in the Sultanate where the society considers the monetary system as part of its values.
The sector looks lucrative due to limited financing by traditional monetary institutions, thus paving the way for other investors to operate. Al Balushi expected that the Islamic banking sector will provide new employment opportunities for youth.
Meanwhile, Hamoud bin Sangour al Zadjali, Executive President of the Central Bank of Oman (CBO), said that the apex bank has come close to finalising the general framework and monitory system of Islamic banking within the Sultanate. The conference, held at Al Bustan Palace Hotel, brought together a large number of specialists in Islamic banking and finances.
