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Islamic Banking In Oman

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Running head: DISCUSS OPPORTUNITIES AND CHALLENGES OF ISLAMIC BANKING IN OMAN 1
Critically Discuss Opportunities and Challenges of Islamic Banking in Oman
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DISCUSS OPPORTUNITIES AND CHALLENGES OF ISLAMIC BANKING IN OMAN 2
Critically Discuss Opportunities and Challenges of Islamic Banking in Oman
Introduction
The discussion of Islamic banking and finance in Oman is totally different when
compared to GCC and in the world history, this because it is a new phenomenon (Mubeen et.al,
2014). Many scholars have tried to tackle this subject matter of Islamic Finance opportunities
and challenges. Most of their studies have revolved around challenges and problems facing
Islamic Banking in the mixed economy, especially private corporate sector. Oman government
has continued to diversify its economy, from the early 1970s apart from its reliance on oil (Basu
et.al, 2015).
It has focused on two projects which are its development plan. The first plan was
implemented between 2011 and 2015 and the second which is referred as Oman 2020 economic
blueprint. Both plans aim at achieving economic growth, developing the private sector, job
creation, achieving social development, the creation of environmental friendliness and
development in the pursuit of diversified national income (Zins and Weill, 2017). Oman is
ranked 6th position as an oil producing country. The country main budget is based on oil which
is approximated by 83%. This describes it oil reliance to be dangerous, hence there is a need for
the government to invest more on non-oil sectors if it needs to achieve sustainable development
which translates to economic prosperity. As a matter of concern, the Central Bank of Oman has
given out a standing warning on the government over-reliance on the continuous domination of
gas and oil revenue in the expense of investing in other sectors of the economy.
Moreover, the Sultan of Oman government observes that its efforts in economic
diversification have contributed to its growth by 3.7% in 2009. However, they point out that, the

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Running head: DISCUSS OPPORTUNITIES AND CHALLENGES OF ISLAMIC BANKING IN OMAN Critically Discuss Opportunities and Challenges of Islamic Banking in Oman Author Author Affiliation 1 DISCUSS OPPORTUNITIES AND CHALLENGES OF ISLAMIC BANKING IN OMAN 2 Critically Discuss Opportunities and Challenges of Islamic Banking in Oman Introduction The discussion of Islamic banking and finance in Oman is totally different when compared to GCC and in the world history, this because it is a new phenomenon (Mubeen et.al, 2014). Many scholars have tried to tackle this subject matter of Islamic Finance opportunities and challenges. Most of their studies have revolved around challenges and problems facing Islamic Banking in the mixed economy, especially private corporate sector. Oman government has continued to diversify its economy, from the early 1970s apart from its reliance on oil (Basu et.al, 2015). It has focused on two projects which are its development plan. The first plan was implemented between 2011 and 2015 and the second which is referred as Oman 2020 economic blueprint. Both plans aim at achieving economic growth, developing the private sector, job creation, achieving social development, the creation of environmental friendliness and development in the pursuit of diversified national income (Zins and Weill, 2017). Oman is ranked 6th position as an oil producing country. The country main budget is based on oil which is approximated by 83%. This describes it oil reliance to be ...
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