we present to you The best Islamic banks in the Sultanate of Oman The number of banks in the Sultanate of Oman is 19, including 6 government commercial banks, two specialized government banks, two Islamic banks, and 9 branches of foreign commercial banks.

The banking system in the Sultanate of Oman is fully managed and supervised by the Central Bank of Oman.

The best Islamic banks in the Sultanate of Oman

Thanks to the great and continuous interest that the state attaches to the banking sector. The Omani banking sector has become one of the most developed and efficient sectors in the Omani economy.

As a result, four Omani banks were able to enter the list of the 50 most powerful banks in the Middle East, according to the latest Forbes global lists.

Below we review a list of the best banks in the Sultanate of Oman at the present time in terms of: the sales assets and profits.

This list has been prepared based on the latest reports and statistics issued by the official authorities and international credit rating agencies, in addition to the official disclosures issued by the banks of the Sultanate of Oman.

Read also: The best foreign banks in Saudi Arabia 2023

Alizz Islamic Bank

It is considered Alizz Islamic Bank One of the first banks established in the Sultanate of Oman. Where it works permanently to provide innovative banking solutions and products that are compatible with the principles of Islamic Sharia.

Alizz Islamic Bank aims to provide diverse, exciting and pure experiences. It is also worth noting that the Islamic Bank has allocated part of its investments to work on developing the cadres that work in it. In addition to introducing the latest technology in the bank.

The assets of Alizz Islamic Bank amount to OMR 100 million. About 40% of his profits belong to the shares of investors, and 60% belong to a different list of institutional companies with deep leadership experience.

Dhofar Bank

It is one of the leading banks in the Sultanate of Oman and is considered one of the best and fastest growing banks thanks to its diversified services and huge turnover.

Bank Dhofar was established in 1990 under the name “Omani Fransi Bank Dhofar”.

The best Islamic banks in the Sultanate of Oman, Bank Dhofar, offers diversified and trustworthy banking services to companies and individuals alike. In addition to treasury and project finance services. The bank also provides Islamic banking services under the slogan of easy Islamic banking services.

The bank also provides its banking services through a wide network of branches amounting to 71 branches. Including 10 soft branches for Islamic banking services. In addition to a business center, in addition to 120 ATMs, 57 Deposit Machines and 15 Deposit and ATMs spread all over the Sultanate of Oman.

BankDhofar has sales of $600 million, profits of $80 million, and assets of $11.1 billion in 2020 (latest statistic available).

Therefore, it can be considered as one of the fastest growing Omani banks. This bank enjoys a strong presence among the various commercial banking sectors, whether in the individual or group sector and project financing.

Read also: The best Turkish banks for deposits

National Bank of Oman is one of the best Islamic banks in the Sultanate of Oman

The National Bank of Oman is the first local bank established in the Sultanate, and that was in 1973.

National Bank of Oman has a rich history of banking transactions and dealing with its corporate and retail clients over the years. It remains one of the best banks in Oman to this day.

The bank provides personal banking services, commercial banking services and corporate banking services. and Islamic banking services for individuals and companies under the “Muzn” logo.

The bank also provides its services to individual and corporate clients through 61 branches and 173 ATMs across the Sultanate.

The National Bank of Oman is owned in both Dubai andAbu Dhabi in the United Arab Emirates.

National Bank of Oman recorded annual sales of $515 million. and earnings of $47 million and assets of $9.4 billion for 2020 (latest statistic available).

Read also: The best trading companies in the Sultanate of Oman 2023

Sohar International Bank

Sohar International Bank is one of the newly established banks, which was established in the year 2007.

Despite this, it managed to get a great position among the nineteen banks in the Sultanate of Oman. It is the fourth largest Omani bank, according to the latest reports.

The best Islamic banks in the Sultanate of Oman provide a variety of banking services to individual and corporate clients, offering Islamic banking services, as well as wealth management services.

Sohar International Bank provides its services within the Sultanate of Oman through 31 branches. Among those branches are 13 branches in Muscat Governorate and 18 branches distributed in other Omani governorates.

Sohar International Bank’s annual turnover is US$ 434 million. The bank’s profit amounted to $60 million, and old assets amounted to $9.4 billion.

Read also: The best Islamic banks in Turkey

Oman Arab Bank

One of the most reputable commercial banks in the Sultanate of Oman and the Middle East in general. Arab Omani Bank was established in 1984.

The bank is listed on the Muscat Securities Market and is owned by the Arab Bank and the Omani International Development and Investment Company, as well as other corporate and individual shareholders.

Oman Arab Bank also offers many banking and financial services. Most notably (individual banking services, corporate banking services, Islamic banking services, project financing, investor services).

Oman Arab Bank also provides banking services to customers through a wide network of 53 branches and representative offices. And 17 branches of Islamic banking, 144 ATMs and 10 machines belonging to the Islamic Bank.

These branches, offices and ATMs are also neatly distributed in densely populated areas across the Sultanate.

The profits of Oman Arab Bank amounted to 36.71 million dollars, while its assets amounted to 8.23 ​​billion dollars.

Read also: Small projects in the Sultanate of Oman | successful projects

Bank Muscat is the best Islamic bank

Bank Muscat tops the list of the best banks in the Sultanate of Oman and the leading financial institution in the country thanks to its great activity and strong presence in the banking sector.

Bank Muscat was established in 1982 and is the first cooperative bank specializing in monetary affairs. It also offers several types of banking services to individuals, corporate banking, and Islamic banking services. private banking, investment banking, treasury and asset management.

The best Islamic banks in the Sultanate of Oman The bank has the largest network of branches and electronic channels in the Sultanate with 149 branches and 645 ATMs and cash deposit machines. In addition to more than 10,000 POS devices.

Bank Muscat also carries out its international business through branches in the Kingdom of Saudi Arabia “Riyadh” and Kuwait, and representative offices in the Emirates “Dubai” and Singapore.

Bank Muscat recorded annual sales of $1.7 billion. and earnings of $424 million and assets of $32.3 billion for 2020 (latest statistic available).

Read also: The best savings account in the Sultanate of Oman

Bank Nizwa is the best Islamic bank in the Sultanate of Oman

Bank Nizwa is the first bank specialized in banking transactions in accordance with Islamic Sharia. As it works to provide all services and products that are compatible with the provisions of Islamic Sharia.

The founders of the best Islamic banks in the Sultanate of Oman were interested in forming a founding committee to represent them and assist them in establishing the bank and classifying it as a commercial bank licensed to apply Islamic Sharia. This committee consisted of five people.

Since the bank’s inception in 2013, it has provided many banking services and solutions to any medium or small company. In addition to providing services to any Omani citizen.

The main objective of establishing the bank is to be the preferred bank for the Omani citizen. It has been equipped with the best banking systems and programs that provide a unique banking experience to its customers.

The Bank had three branches at the beginning of its inception, the first in Muscat and two other branches in Nizwa and Sohar. Then its branches developed to become about fourteen branches distributed strategically in all regions of the Sultanate of Oman.

It is worth noting that the bank has about 330 employees, according to 2016 statistics, and the assets of this bank amounted to about $5363 million, according to the same year’s statistics.

You may also be interested in: What are the best UAE banks to open a personal account or a company account?