Islamic Finance Development in the Sultanate of Oman: Barriers and Recommendations

Hesham A. E. Magd · Mark P. McCoy

28 citations0/0 files storedProcedia Economics and Finance

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Islamic Finance and Banking Studies Religion, Society, and Development Halal products and consumer behavior

Abstract

This paper considers the key potential barriers that are likely to arise with the adoption of a dual financial system in the Sultanate of Oman. Despite the fact that Oman is a predominantly Muslim country, the assumption that this will equate to a significant uptake in Islamic products and services is challenged as factors such as brand recognition and insufficient product knowledge among the population may hinder market penetration. In addition the study provides some recommendations for the success of the Islamic finance development in Oman where financial institutions wishing to offer Shariah compliant services should also not neglect the importance of competing with conventional banks in terms of the quality of service offered in addition to the uniqueness of their products. The availability of a pool of indigenous labor with industry relevant knowledge shall be a vital factor in the sustainable growth and development of the sector in the Sultanate. Finally the paper concludes by highlighting the essential role of educational institutions in providing such a sustainable workforce for Islamic financial institutions through producing graduates with industry relevant knowledge and, in the more immediate term, the provision of training for conventional banking professionals that may make up the current shortfall of qualified labor.

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References

2010THE EFFECTS OF THE GLOBAL CRISIS ON ISLAMIC AND CONVENTIONAL BANKS: A COMPARATIVE STUDY 2007Why do Malaysian customers patronise Islamic banks?2011Determinants of customers' intention to use Islamic personal financing 2011Customer's criteria for selecting an Islamic bank: evidence from Pakistan 2009Clients of conventional and Islamic banks in Bahrain 2010The global financial crisis and its implications for the Islamic financial industry 2011Service quality and customer satisfaction in the banking sector 2011Brand preference in Islamic banking

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