Banking System in Oman

Husam Basiddiq and Seemab Rana

Chapter 7 in Handbook of Banking and Finance in the MENA Region, 2024, pp 171-192 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This chapter provides an understanding of the banking system development and structure in the Sultanate of Oman. It reviews existing literature and reports on the banking system in Oman between 1970 and 2020, and it provides a brief history of the Omani banking system before 1970. It also highlights the recent banking sector performance and the important role played by technology and the Central Bank of Oman (CBO) during the COVID-19 pandemic. This review demonstrates that the Omani banking system and sector experienced substantial developments in the regulatory and institutional framework due to which the performance of the banking sector remained stable in recent years. However, like other countries, the COVID-19 pandemic and the economic downturn affected the performance of banks, reducing banks’ profitability and increasing non-performing loans and assets. Despite this, the Omani banking system remained resilient, and the measures and policy initiatives taken by the CBO and the application of technology helped mitigate the adverse influence of the COVID-19 pandemic.

Keywords: MENA; Banking Sector; Business Risk; Corporate Governance; COVID-19; Cryptocurrency; Fintech; Financial Stability; Green Finance (search for similar items in EconPapers)
JEL-codes: F3 G2 G3 (search for similar items in EconPapers)
Date: 2024
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