• P-ISSN 0974-6846 E-ISSN 0974-5645

Indian Journal of Science and Technology


Indian Journal of Science and Technology

Year: 2023, Volume: 16, Issue: 17, Pages: 1302-1308

Original Article

Evolution of Oman’s Islamic Banks

Received Date:15 March 2023, Accepted Date:02 April 2023, Published Date:02 May 2023


Objectives: In the context of Oman, this study attempts to explore the goals of Islamic banking and to comprehend its dynamics in the integrated global market. Methods: The study examines the history of Islamic banks and uses a descriptive case study methodology while using a descriptive narrative about the fundamentals of Islamic banking. A purposeful sampling strategy is used that relates to many facets of the Omani Banking Sector. Findings: The study found that the emergence of more Islamic banks, the expansion of conventional banks that provide Islamic (Shari’a -compliant) goods and services through a ”special window,” and shifting patterns of consumer tastes have all contributed to Oman’s Islamic banking sector’s rapid growth over the last decade (adoption of Islamic products). During the research period, Oman’s Islamic banking industry continued to help the businesses prosper in an Islamic way. Novelty: Islamic banking was still a novelty in Oman in the 2010s. However, they are designed to serve both followers of Islam and secularists. They have a dual presence in online and offline platforms and manage the flow of money between people and businesses. Conversely, it is necessary to adopt a critical approach to get an assurance that a bank respects and upholds Shari’a law’s values for its audience and justify whether Islamic banking is currently at a turning point.

Keywords: Islamic banks; Islamic banking windows; financial sector; Banking technology; and Shari’acomplaint financial solutions


  1. Alzadjal MAJ, Abu-Hussin MF, Husin MM, Hussin MYM. Moderating the role of religiosity on potential customer intention to deal with Islamic banks in Oman. Journal of Islamic Marketing. 2022;13(11):2378–2402. Available from: https://doi.org/10.1108/JIMA-05-2020-0150
  2. Campbell S, Greenwood M, Prior S, Shearer T, Walkem K, Young S. Purposive Sampling: Complex or Simple? Research Case Examples. Journal of Research in Nursing. 2020;25(8):652–61. Available from: https://journals.sagepub.com/doi/abs/10.1177/1744987120927206?journalCode=jrnb
  3. Bulushi 8SKSA. Islamic Banking System in the Sultanate of Oman from the Perspective of Banking Officers Employees and Customers. International Journal of Islamic Banking and Finance Research. 2021;8(1):13–28. Available from: https://doi.org/10.46281/ijibfr.v8i1.1479
  4. Echchabi A, Al-Hajri S, Tanas IN. Analysis of E-Banking Acceptance in Oman: The Case of Islamic Banks’ Customers. International Journal of Islamic Economics and Finance (IJIEF). 2019;1(2). Available from: http://journal.umy.ac.id/index.php/ijief/article/view/128
  5. Belwal R, Maqbali AA. A study of customers’ perception of Islamic banking in Oman. Journal of Islamic Marketing. 2019;10(1):150–167. Available from: https://doi.org/10.1108/JIMA-02-2016-0008
  6. Belwal R, Maqbali AA. A study of customers’ perception of Islamic banking in Oman. Journal of Islamic Marketing. 2019;10(1):150–167. Available from: https://doi.org/10.1108/JIMA-02-2016-0008
  7. Islamic Financial Services Board. Islamic Financial Services Industry Stability Report. Kuala Lumpur. 2022.
  8. Osmanovic N, Puska A, Thomas SS, Stojanovic I. Sustainable economic performances of Islamic banks in Gulf countries: Bahrain, Oman, Saudi Arabia and the United Arab Emirates. Journal of Sustainable Finance & Investment. 2022;p. 1–15. Available from: https://doi.org/10.1080/20430795.2022.2034594


© 2023 Ahamed. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Published By Indian Society for Education and Environment (iSee


Subscribe now for latest articles and news.