Islamic banking entities financing hits OMR3.5 billion

Muscat: Islamic banking entities provided financing to the extent of OMR3.5 billion at the end of September 2018, an increase of 20.7 per cent over OMR2.9 billion a year ago, according to the bulletin published by the Central Bank of Oman (CBO)
Total deposits held with Islamic banks and windows registered an increase of 10.7 per cent to OMR3.1 billion in September 2018, from OMR2.8 billion outstanding during the same period last year.
The total assets of Islamic banks and windows combined amounted to OMR4.3 billion and constituted some 13 per cent of the banking system assets at the end of September 2018.
Narrow money stock
With regard to monetary aggregates at the end of September 2018, the CBO bulletin said that narrow money stock (M1), when measured on a year-on-year (YoY) basis, increased marginally by 0.8 per cent to OMR5.1 billion.
Quasi-money (Rial Omani saving and time deposits, certificates of deposit issued by banks, margin deposits and foreign currency-denominated deposits) registered an increase of 3.4 per cent during this period.
Broad money supply M2 (M1 plus quasi-money) stood at OMR16.5 billion, recording a YoY rise of 2.6 per cent at the end of September 2018.