Oman Islamic Banking conference kicks off

Oman's Second Islamic Banking and Finance Conference kicked off here on Sunday, organized by Al-Iktissad Wal-Aamal Group, in cooperation with the Central Bank of Oman. The conference will discuss the state of Islamic banking in Oman and its adequacy as a basis for more rigorous banking activity, in view of the recent issue of royal decree 69/2012. The volume of the Islamic banking sector is expected to come to USD 6-8 billion within the next five years, and it is to account for 8-10 percent of market activity, as it is attracting new banking cadres and witnessing hike in demand for Sharia-compliant services. This conference is a leading venue for discussion of key issues related to the financial industry and Islamic banking by a number of experts and lectors with experience in both regional and international markets. A number of governors of central banks from the Gulf Cooperation Council (GCC) countries and other Arab nations are taking part, alongside the chairman of Arab banks union, and elite figures from the Arab, Asian, and European Islamic banking sectors.