There is strong appetite among Omani consumers for Islamic finance with many keen to take it up as soon as it becomes available on the market, according to a study published by the Islamic Finance Advisory & Assurance Services.
The report, Islamic Finance in Oman – Sizing the retail market, analyses the retail market for Islamic Finance in Oman across all sectors including banking, finance and insurance.
The report found 85% of consumers in Oman expressed an interest in Islamic Finance products, of which 59% were very interested and 26% quite interested.
70% of consumers in Oman anticipate opening an Islamic savings account in the next 12 months with half expecting to do so within three months of one becoming available. While 77% of consumers in Oman expect to take out Islamic financing (loans) within the next one to two years.
To prepare the report, IFAAS developed a quantitative survey which was conducted by independent researchers in the form of random face-to-face street interviews across the Sultanate. A sample size of over 500 Muslim individuals filtered through qualifying questions and representing a weighted mix of demographics were used.
The introduction of Islamic Finance in Oman, which was approved by the government early last year, is anticipated to change the country’s financial landscape over the next decade with far reaching positive effects for the overall economy.