The report is the first of its kind and addresses the key factors related to launching Islamic finance products for Omani consumers. Currently no independent research is available to give the necessary insights to decision makers. IFAAS’ report will fill this gap and provide the critical market data needed by financial institutions to formalise their business strategy and start developing products, services, systems and policies based on scientifically validated information.
‘Islamic Finance in Oman – Sizing the retail market’, due to be launched within the next few days, addresses the key questions occupying decision makers’ minds including the size of the market and its potential to compete with mainstream conventional finance. The report also analyses the consumers’ perception of Islamic finance, their preferred products and distribution channels, speed of action and price elasticity related to Shariah compliant products. The report provides a comprehensive insight to the existing and new players helping them to better design their business plans to suit their corporate objectives and strategies.
IFAAS’ report will cover all sectors of financial services, including banking, finance and insurance. It will examine the current behaviour and measure the future trends to gauge the real potential of Islamic Finance in Oman.
As a result, organisations interested in entering the Omani Islamic finance market will be able to fully understand the nature and scale of opportunities and threats related to Islamic Finance. They will also have insight into the dynamics affecting the decision-making process of their target audience.
Commenting on impending launch of the report, Farrukh Raza, managing director, IFAAS said, “Oman is on the cusp of developing its Islamic finance sector. IFAAS’ report, ‘Islamic Finance in Oman – Sizing the retail market’, is a highly valuable source of information for decision makers interested in entering the market. It provides them with concrete data upon which to base their strategies going forward. Executives realise that critical decisions based on scientific evidence are more reliable with fewer risks for management, shareholders and the regulators. The report is a must-have for any organisation considering its next move in the Omani Islamic finance sector.”
To prepare the report IFAAS developed a quantitative survey which was conducted by independent researchers in form of random face-to-face street interviews across the Sultanate. The sample size of over 500 individuals filtered through qualifying questions and representing a weighted mix of demographics (age, gender, region, socio-economic background, status (national / expatriate) etc) reflects a true picture of the Omani consumer market.
IFAAS has been at the forefront of the development and growth of the Islamic finance industry. Its founding members were instrumental in establishing a number of pioneering Shariah-compliant brands and launching innovative products across different sectors of the Islamic financial industry. Over the last few years IFAAS has developed into the first point of call for professional advisory on Islamic financial projects in Europe, Africa, the Americas, Middle East, and beyond.
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