Indian Journal of Science and Technology

Abstract

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