Oman: Muscat Finance may expand into Islamic finance
Faisal al Yousef, Chairman of Muscat Finance, told Muscat Daily that the firm has decided to realign its focus to increase market share in the vehicle and equipment leasing segments. Yousef added that the company is also studying the option of expanding into Islamic finance but is yet to take a final decision.
He said, "The Central Bank has stipulated that the Islamic window has to be a separate entity with a separate capital of OMR 10 million. We are looking at all the aspects and feel that there are opportunities in the sector.
"We had taken a conservative approach in 2011 and hence our growth remained limited compared to our competitors. But we now feel that we are better equipped to expand our business, especially in vehicle and equipment financing.
"We have realigned our portfolio mix, and our market share in the vehicle-financing segment will increase this year. We are keen to capture more market share without compromising on the quality of our assets."