Perception of People in Oman about Islamic Banking and Finance: Empirical Study

In December 2012 the Government of Oman introduced Islamic banking and finance in its banking sector through new legislation. This initiative of the government is in line with Oman?s commitment to gradually apply Islamic law to most cases of civil and commercial transactions, as reflected in the enactment of new Civil Transactions Law in the following year. Even though Oman?s entry in the field of Islamic banking and finance was relatively late compared to the other countries in the region, Islamic banks were quickly established following the new legislation. Two full-pledged Islamic banks and six Islamic banking windows of conventional banks are in operation now in Oman. In addition, the Government of Oman issued its first sovereign sukuk (Islamic bonds) in November, 2015. This study is intended to investigate empirically the extent of people in Oman (both Omani and non-Omani about their perception of Iislamic banking and finance in oman.

In December 2012 the Government of Oman introduced Islamic banking and finance in its banking sector through new legislation. This initiative of the government is in line with Oman?s commitment to gradually apply Islamic law to most cases of civil and commercial transactions, as reflected in the enactment of new Civil Transactions Law in the following year. Even though Oman?s entry in the field of Islamic banking and finance was relatively late compared to the other countries in the region, Islamic banks were quickly established following the new legislation. Two full-pledged Islamic banks and six Islamic banking windows of conventional banks are in operation now in Oman. In addition, the Government of Oman issued its first sovereign sukuk (Islamic bonds) in November, 2015. This study is intended to investigate empirically the extent of people in Oman (both Omani and non-Omani about their perception of Iislamic banking and finance in oman.