Page 39 - PakAccountantJan-Mar2017

Islamic Banking Islamic Deposts - Share of IBEs Product Offerings by the IBEs At present, IBEs are offering all basic products and services to its target customer base. On the financing side, Islamic contracts of Murabaha, Ijarah and Diminishing Musharaka are mostly used to structure the products. Islamic contracts of Mudaraba and Wakala are commonly used to structure deposit products. Future Prospectus of Islamic Banking in Oman Islamic Banking industry is rising in Oman and expected to shine in years ahead. Based on the growth trends, we can easily predict a promising future for the Islamic banking industry in Oman. However, IBEs should prepare themselves for the future challenges and react proactively. Islamic banking assets in Oman are expected to reach 5-7 billion by the year 2018 as per Oman Islamic Finance Report 2015. References: Central Bank of Oman: Monthly Statistical Bulletin – September 2015; Central Bank of Oman: Quarterly Statistical Bulletin – June 2015; World Islamic Banking Competitiveness Report 2014-15; Oman Islamic Finance Report 2015; Islamic Banking Regulatory Framework issued by Central Bank of Oman; State Bank of Pakistan: Quarterly Islamic Banking Bulletin – March 2015 37