Oman’s Islamic Banking Performance amidst Covid-19 Outbreak: Prospects and Challenges

Covid-19 pandemic forced Islamic banking in Oman to slow down and to change strategies adapting to the current situation. The Covid-19 outbreak has raised various challenges for Islamic banking. In order to maintain the sustainable growth of the industry, stakeholders of Islamic banking should striv...

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Autor principal:	Muhammad Iman Sastra Mihajat
Formato:	article
Lenguaje:	EN
Publicado:	IAIN Surakarta 2021
Materias:	banking performance covid-19 outbreak islamic banking entities (ibes) islamic banks’ prospects and challenges Business HF5001-6182 Banking HG1501-3550
Acceso en línea:	https://doaj.org/article/8a5b786e2eba44e78a0f64c144743b9b
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spelling	oai:doaj.org-article:8a5b786e2eba44e78a0f64c144743b9b2021-11-24T01:57:54ZOman’s Islamic Banking Performance amidst Covid-19 Outbreak: Prospects and Challenges2503-42352503-424310.22515/shirkah.v6i1.374https://doaj.org/article/8a5b786e2eba44e78a0f64c144743b9b2021-04-01T00:00:00Zhttp://shirkah.or.id/new-ojs/index.php/home/article/view/374https://doaj.org/toc/2503-4235https://doaj.org/toc/2503-4243Covid-19 pandemic forced Islamic banking in Oman to slow down and to change strategies adapting to the current situation. The Covid-19 outbreak has raised various challenges for Islamic banking. In order to maintain the sustainable growth of the industry, stakeholders of Islamic banking should strive collectively to solve these challenges. Nevertheless, Islamic banking was able to maintain and manage capital and liquidity buffers. The growth for 2021 is expected to remain stable for at least a single-digit growth. However, there would be asset-quality and profitability pressure for Islamic banks within the Sultanate of Oman. This paper highlights the performance of Islamic banking in Oman amid the Covid-19 outbreak. This paper demonstrates that the industry merely recorded a single-digit growth compared to the last seven years at double-digit growth due to the pandemic. The paper further delineates on the prospects and challenges of Islamic Banks Entities (IBEs). It also suggests some practical solutions for survival. This paper contributes to providing an alluded picture of the current conditions and situation of Islamic banks in Oman as well as insights to deal with the challenges to enhancing the banking performances during the Covid-19 outbreak.Muhammad Iman Sastra MihajatIAIN Surakartaarticlebanking performancecovid-19 outbreakislamic banking entities (ibes)islamic banks’ prospects and challengesBusinessHF5001-6182BankingHG1501-3550ENShirkah Journal of Economics and Business , Vol 6, Iss 1, Pp 38-51 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	banking performance covid-19 outbreak islamic banking entities (ibes) islamic banks’ prospects and challenges Business HF5001-6182 Banking HG1501-3550
spellingShingle	banking performance covid-19 outbreak islamic banking entities (ibes) islamic banks’ prospects and challenges Business HF5001-6182 Banking HG1501-3550 Muhammad Iman Sastra Mihajat Oman’s Islamic Banking Performance amidst Covid-19 Outbreak: Prospects and Challenges
description	Covid-19 pandemic forced Islamic banking in Oman to slow down and to change strategies adapting to the current situation. The Covid-19 outbreak has raised various challenges for Islamic banking. In order to maintain the sustainable growth of the industry, stakeholders of Islamic banking should strive collectively to solve these challenges. Nevertheless, Islamic banking was able to maintain and manage capital and liquidity buffers. The growth for 2021 is expected to remain stable for at least a single-digit growth. However, there would be asset-quality and profitability pressure for Islamic banks within the Sultanate of Oman. This paper highlights the performance of Islamic banking in Oman amid the Covid-19 outbreak. This paper demonstrates that the industry merely recorded a single-digit growth compared to the last seven years at double-digit growth due to the pandemic. The paper further delineates on the prospects and challenges of Islamic Banks Entities (IBEs). It also suggests some practical solutions for survival. This paper contributes to providing an alluded picture of the current conditions and situation of Islamic banks in Oman as well as insights to deal with the challenges to enhancing the banking performances during the Covid-19 outbreak.
format	article
author	Muhammad Iman Sastra Mihajat
author_facet	Muhammad Iman Sastra Mihajat
author_sort	Muhammad Iman Sastra Mihajat
title	Oman’s Islamic Banking Performance amidst Covid-19 Outbreak: Prospects and Challenges
title_short	Oman’s Islamic Banking Performance amidst Covid-19 Outbreak: Prospects and Challenges
title_full	Oman’s Islamic Banking Performance amidst Covid-19 Outbreak: Prospects and Challenges
title_fullStr	Oman’s Islamic Banking Performance amidst Covid-19 Outbreak: Prospects and Challenges
title_full_unstemmed	Oman’s Islamic Banking Performance amidst Covid-19 Outbreak: Prospects and Challenges
title_sort	oman’s islamic banking performance amidst covid-19 outbreak: prospects and challenges
publisher	IAIN Surakarta
publishDate	2021
url	https://doaj.org/article/8a5b786e2eba44e78a0f64c144743b9b
work_keys_str_mv	AT muhammadimansastramihajat omansislamicbankingperformanceamidstcovid19outbreakprospectsandchallenges
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Oman’s Islamic Banking Performance amidst Covid-19 Outbreak: Prospects and Challenges

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