The Oman Financial Services Authority (FSA), working with Idrak (Oman’s FinTech Community), hosted a dialogue session on ensuring Sharia compliance in fintech platforms, focusing on practical implementation and compliance questions from market participants. As part of the discussion, the session outlined ongoing efforts to develop Oman’s fintech ecosystem through a coordinated regulatory approach involving the FSA and the Central Bank of Oman, including the licensing of six payment service providers supporting digital wallets and payment gateways and the launch of an open banking framework enabling secure customer-consented data sharing. It also reviewed core Sharia principles relevant to fintech, and highlighted Islamic finance market metrics, including global Islamic finance assets of around USD 6 trillion in 2024 projected to approach USD 10 trillion by 2029, and in Oman Islamic banking assets exceeding OMR 9 billion (19.2% of total banking sector assets), Sharia-compliant investment funds of OMR 400 million, and takaful accounting for 18% of total insurance premiums.
Oman Financial Services Authority 2026-04-08
Oman Financial Services Authority hosts sharia compliance fintech dialogue and highlights six payment service provider licences and open banking framework
The Oman Financial Services Authority, in collaboration with Idrak, hosted a dialogue on Sharia compliance in fintech platforms, addressing practical implementation and compliance issues. The session highlighted a coordinated regulatory approach with the Central Bank of Oman to develop the fintech ecosystem, including licensing six payment service providers for digital wallets and payment gateways, launching an open banking framework, and reviewing key Sharia principles and Islamic finance market metrics in Oman and globally.