Banking & IFS
From The Report: Oman 2019
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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.

Articles from this Chapter

Overview

Brighter prospects: Despite challenging regulatory changes, the broader economic rebound is set to spur growth among lenders
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Oman’s banking sector has weathered the economic downturn resulting from the 2014-15 hydrocarbons price crash 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…

Interview

Safe and sound: Tahir bin Salim Al Amri, Executive President, Central Bank of Oman (CBO), on reducing the deficit and promoting best practices
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Interview :Tahir bin Salim Al Amri How would you respond to the argument that the US dollar peg restricts interest rate policy? TAHIR BIN SALIM AL AMRI: The currency peg arrangement is the choice we made in view of the structure of our economy. At the same time, we recognise that this decision involves a trade-off with monetary policy independence. However, it is clear that the peg to the US dollar is working very well for Oman, providing the economy with a credible nominal anchor. Nevertheless,…

Interview

Financial sustainability: Waleed Al Hashar, CEO, Bank Muscat, on bank lending and borrowing in an economy undergoing a transformation
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Interview :Waleed Al Hashar To what extent will the Central Bank of Oman (CBO) relax lending ratio requirements in order to reinvigorate the domestic interbank market? WALEED AL HASHAR: The CBO has adopted an accommodative monetary policy, along with other regulatory policies, to support growth in the economy. The CBO has taken a number of steps to help commercial banks and financial institutions achieve credit growth. These steps have ensured adequate liquidity and credit availability in…

Overview

Fintech revolution: Tech solutions are driving the evolution of the sector landscape
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Once reserved for ambitious start-ups and industry-leading tech operators, financial technology (fintech) has more recently caught the attention of major private sector firms and government planners alike, becoming a regular feature in budget speeches and strategic development plans. As fintech progressively plays a larger part in the lives of consumers, investors have quickly come to recognise its potential as a growth industry. The tech-focused Janus Henderson Global Technology Fund, for example, has expanded by more than 160% since February 2013, and grew by some 30% over the course of 2017. Fintech is rapidly advancing across an array of…

Overview

Fintech revolution: Tech solutions are driving the evolution of the sector landscape
OBG
plus

Once reserved for ambitious start-ups and industry-leading tech operators, financial technology (fintech) has more recently caught the attention of major private sector firms and government planners alike, becoming a regular feature in budget speeches and strategic development plans. As fintech progressively plays a larger part in the lives of consumers, investors have quickly come to recognise its potential as a growth industry. The tech-focused Janus Henderson Global Technology Fund, for example, has expanded by more than 160% since February 2013, and grew by some 30% over the course of 2017. Fintech is rapidly advancing across an array of…