Islamic banks in Oman reported total assets of about 7.5 billion Omani riyals ($19.5 billion) by the end of April, a 13.2 percent increase from the previous year.

According to official data, this represents 17.7 percent of the country’s total banking sector capital, highlighting the growing influence of Islamic finance in the nation.

The total financing extended by these Shariah-compliant units increased by 12 percent annually, amounting to 6.3 billion riyals by the end of April, according to the Central Bank of Oman.

In tandem, deposits at these banks and windows saw a 15.9 percent annual increase, reaching about 5.8 billion riyals.

The broad money supply in Oman experienced a 12 percent year-on-year growth, reaching approximately 23.6 billion riyals by the end of April.

This boost was driven by a 7 percent rise in the narrow money supply and a 13.9 percent increase in quasi-money, which includes total savings and time deposits in riyals, certificates of deposit issued by banks, margin accounts, and all foreign currency deposits within the banking sector.

However, cash held by the public decreased by 7 percent, while demand deposits rose by 11.2 percent.

The weighted average interest rate on deposits in riyals at conventional commercial banks rose from 2.19 percent in April 2023 to 2.58 percent by April 2024.

Similarly, the weighted average interest rate on loans in riyal rose from 5.36 percent to 5.60 percent during the same period.

On the industrial front, the total output of refineries and petroleum industries in Oman saw a slight decline of 0.4 percent by the end of May compared to the same period in 2023, reported the Oman News Agency, citing preliminary statistics from the National Centre for Statistics and Information.

Despite this overall decrease, the production of automotive fuel increased by 1.8 percent.

Breaking down the figures, the production of regular 91-octane automotive fuel decreased by 5.2 percent, totaling approximately 6.67 million barrels, with sales of 5.67 million barrels.

In contrast, the production of premium 95-octane automotive fuel rose by 12 percent, recording 5.40 million barrels, with sales reaching 5.30 million barrels. The production of diesel fuel fell by 8.8 percent to 13.28 million barrels, with sales amounting to 5.68 million barrels.

Conversely, jet fuel production increased by 13.5 percent, reaching 4.75 million barrels with sales of 1.666 million barrels. The production of liquefied petroleum gas stood at 3.78 million barrels, with sales reaching 4.25 million barrels.