RIYADH: Oman’s banking sector has experienced significant growth, with the combined assets of banks and Islamic windows rising annually, rising 13 percent to about 7 billion Omani rials ($18.28 billion) in July, reported its central bank. According to the Central Bank of Oman, the increase accounted for 17.2 percent of the country’s total banking assets compared to the same period last year. The CBO data showed that financing balances extended by institutions engaged in Islamic banking increased by 12.3 percent, reaching about 5.8 billion rials. FASTFACT 17.2 % The increase accounted for 17.2 percent of the country’s total banking assets compared to the same period last year. Deposits in Islamic banks and windows also grew 12.9 percent to about 5.3 billion rials in July. An Islamic window is a dedicated section within a conventional bank offering Shariah-compliant financial products and services. Additionally, the foreign assets of the CBO rose 27.4 percent year-on-year to 6.86 billion riyals by the end of July, according to the statistics authority’s report earlier this month. The National Center for Statistics and Information reported a 4.9 percent year-on-year increase in local liquidity by the end of July. Private sector deposits in commercial banks and Islamic windows reached 18.17 billion rials by the end of July, up 6.5 percent compared to the previous year, reported the Oman News Agency. FASTFACT 12.3 % Financing balances extended by institutions engaged in Islamic banking increased by 12.3 percent, reaching about 5.8 billion rials. The state-run agency also noted that total loans and financing in commercial banks and Islamic windows grew 8.7 percent year-on-year to 30.27 billion rials. Earlier this month, S&P Global Ratings upgraded Oman’s long-term credit rating from “BB” to “BB+,” citing a transformation in the country’s non-oil sector, promising substantial growth in the years ahead. “Oman’s economy depends on the oil sector, which accounts for about 30 percent of GDP (gross domestic product), 60 percent of goods exports, and 70 percent of government fiscal receipts. This dependence weighs on our assessment of its fiscal and external resilience, and we reflect this in the rating,” said S&P Global in the report. The report also highlighted the banking sector’s strong performance, with credit balances increasing by 5.3 percent in July compared to the same month in the previous year.