The Financial Services Authority (FSA), in collaboration with Idrak—Oman’s FinTech community—hosted a dialogue session titled “Ensuring Sharia Compliance in Fintech Platforms.” The session was delivered by H.H. Sayyid Dr. Adham bin Turki Al Said, Assistant Professor of Economics at Sultan Qaboos University, and attended by senior officials, including H.E. Abdullah bin Salim Al Salmi, Executive President of the FSA, and Ahmed bin Ali Al Maamari, Vice Executive President, along with representatives from fintech companies and other key stakeholders.
The discussion highlighted Oman’s ongoing efforts to enhance its fintech ecosystem through a coordinated regulatory approach led by the FSA and the Central Bank of Oman. Key developments include the licensing of six payment service providers supporting digital wallets and payment gateways, as well as the launch of an open banking framework that enables secure data sharing with customer consent to drive innovation.
The session also emphasized the significant growth of Islamic finance globally and locally. Global Islamic finance assets reached approximately $6 trillion in 2024 and are projected to approach $10 trillion by 2029, with Islamic banking holding the largest share. In Oman, Islamic banking assets have exceeded RO 9 billion, representing 19.2% of total banking sector assets, while Sharia-compliant investment funds reached RO 400 million and the takaful sector accounts for 18% of total insurance premiums.
Participants also reviewed the core principles of Sharia-compliant finance, including the prohibition of riba (interest), gharar (excessive uncertainty), and maysir (gambling). The session highlighted a shift from traditional creditor-debtor models toward partnership-based approaches rooted in real economic activity, with a strong focus on transparency, fairness, and shared responsibility.
The event concluded with an interactive discussion, where participants raised practical questions on implementation and compliance, reflecting the growing demand for Sharia-compliant fintech solutions.