Muscat: Bank Muscat, the Sultanate's biggest bank, is anticipating a credit growth in the region of 14-15 per cent this year, thanks to high government spending, a substantial growth in number of Omanis entering the workforce and an increase in minimum salary of Omani workers.
Apart from huge spending for infrastructure development, the government has offered employment opportunities for 56,000 Omanis this year and the minimum salary will be raised from OMR200 to OMR325 from July onwards.
"These two factors will generate a positive result as far as (demand for) retail credit is concerned," said Ahmed Al Abri, chief operating officer of Bank Muscat, while addressing an investors' meet here yesterday.
Referring to the credit growth in Islamic line of business, he said; "We need to see the contribution from Islamic banking as far as Bank Muscat is concerned."
He also said that the bank already has an Islamic banking portfolio of OMR150 million since it started it almost four years ago. "We have a good start, unlike our competitors."
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