Vital role of Islamic banks highlighted

The Islamic banking system in Oman will be one of the most successful contemporary applications in recent times due to the nature of the Omani Muslim society, the existence of a central bank to provide the necessary technical and legislative environment for the growth of Islamic banking in the country and the capability of banks to restructure and raise financial products and services that are efficient and of good quality, the just concluded Islamic Finance and Banking conference affirmed.

Oman’s second Islamic Finance and Banking Conference called upon Islamic banks to play an important and vital role, especially in supporting productive areas through enhancing growth opportunities, particularly the small and medium enterprises and helping to stimulate capitals. The statement also called on Islamic banks to continue the Islamic approach of all organisational, regulatory and operational aspects to avoid exposure to the harmful effects of fluctuations in the world economy.
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