Oman- Alizz islamic bank participates in Majlis A'Shura seminar

5/28/2016 4:50:25 PM

(MENAFN- Muscat Daily) Muscat-

Addressing the retention of qualified staff as well as the shortage of candidates in the Islamic finance sector was the focal topic during the recent Majlis A'Shura Islamic Banking seminar.

Moosa al Jadidi, deputy general manager and head of Retail Banking, alizz islamic bank headlined the session as a representative of the Islamic banking institution.

Also in attendance were eight of the top officials from the various Omani Islamic banks and Islamic banking windows and key Majlis A'Shura members. Jadidi touched on the multiple growth opportunities and challenges that the Islamic banking sector continues to face. 'The higher costs related to attracting bank deposits coupled with the inability to transfer personal loans from conventional banks to Islamic ones highlighted by customers' increasing demands for more facilities and support for liquidity and short-term products all pose difficulties to this sector.'

Jadidi's statements were supported by hard data with a focus on performance KPIs implemented by alizz islamic bank. 'Alizz islamic bank's finance portfolio exceeded RO200mn totalling RO201.9mn by the end of 2015, up 185 per cent compared to the same period in 2014. On the other hand, customer deposits increased from RO15.3mn in 2014 to RO161.4mn in 2015,' added Jadidi. This exceptional growth led to a 210 per cent increase in net operating revenue, reported at RO5.99mn in 2015 compared to RO1.93mn in 2014. Alizz islamic bank reported the highest growth in operating revenue in 2015 compared to other companies listed on the Muscat Securities Market.

The gross assets of Islamic banks totalled RO2.4bn by end of February 2016 from the gross banking sector's assets whilst the gross finance account totalled RO1.85bn accounting for 8.86 per cent of the stock market shares. The gross deposits tallied at RO1.59bn, according to the Central Bank of Oman's monthly statistical bulletin.

The figures and data Jadidi presented about commercial banks indicated that the gross assets of these banks stand at RO28bn, up 9.1 per cent ending February 2016. The volume of credit granted by banks reached RO18.7bn by the end of February while the value of gross deposits reported to be RO17.8bn by the end of February. Jadidi described the sultanate's Islamic banking sector experience as ground-breaking compared to the conventional banking sector. 'We have succeeded in increasing public awareness about the concept of Islamic banking over the past three years, thanks to the efforts exerted by the Central Bank of Oman.'

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