Monday 07 / September / 2026
Sohar: The North Al Batinah Branch of Oman Chamber of Commerce and Industry (OCCI) organised on Monday the activities of the third edition of the Finance and Insurance Forum, held under the theme “Empowerment and Sustainability”.
The forum was held under the auspices of Suleiman Hamoud Al Busaidi, Deputy Secretary-General of the Council of Ministers, in the presence of a number of dignitaries, and with the participation of a number of government and private institutions operating in the finance, funding and insurance sectors in the Sultanate of Oman.
Zaher Khusaif Al Harasi, Chairman of the Finance and Insurance Committee at the North Al Batinah Branch of the Oman Chamber of Commerce and Industry, said that the third edition of the forum represents a continuation of a journey that began with the first edition, which focused on empowering private sector institutions and strengthening their sustainability, while the second edition focused on consolidating partnership and integration and discussing the legislative environment, digital transformation and innovative financing.
He added that the current edition moves into a phase more closely linked to the future, led by financial technology, innovation, digital transformation, readiness, risk management and business continuity, affirming that these areas have become fundamental pillars for growth, competitiveness and sustainability in the financial and insurance sectors.
Al Harasi also explained that the finance and insurance sector is witnessing rapid transformations driven by modern technologies, artificial intelligence and data analysis, which opens opportunities for developing services, raising operational efficiency, accelerating procedures and improving the beneficiary experience, pointing to the importance of keeping pace with these transformations within frameworks that enhance stability, readiness and sustainability.
He affirmed that the forum aims to strengthen the role of innovation and financial technology in developing the finance and insurance sector and raising its operational efficiency, supporting the readiness of financial institutions and insurance companies to deal with crises and disasters by adopting smart solutions and developing risk management and business continuity systems, in addition to strengthening a business environment attractive to investment and innovation and supporting the growth and sustainability of the private sector.
The forum’s programme included a number of dialogue sessions and specialised working papers, including a main session addressing the role of the financial sector in supporting the national economy, and a dialogue session titled “The Financial Sector in the Age of Digital Transformation: Innovative Legislation, Smart Investment, and Sustainable Growth,” which discussed the most prominent changes witnessed by the sector and the requirements for developing the regulatory and investment environment.
Dr. Mughaith Shawkat, Executive Advisor at the Islamic Research and Training Institute, presented a working paper on the role of Islamic finance and investment in supporting economic transformation in the Sultanate of Oman, and the importance of expanding the role of capital markets, funds and sukuk in financing projects and boosting economic activity.
He explained that the Islamic finance industry in the Sultanate of Oman rose from about $36 billion by the end of 2025 to an expected approximately $45 billion during 2026, while Islamic banks and windows account for about 23 percent of the banking system’s assets, pointing to growth opportunities in the areas of takaful insurance, asset management and Islamic funds.
A dialogue session within the sustainability and future theme also discussed “The Role of Financial and Insurance Institutions and Smart Applications in Supporting the Private Sector,” and the importance of employing digital solutions and smart applications to raise the efficiency of financial and insurance services and enhance the competitiveness of private sector institutions.
The forum was accompanied by a specialised exhibition with the participation of a number of government and private institutions, showcasing the regulatory and legislative services governing the finance and insurance sector in the Sultanate of Oman, alongside the financial, funding and insurance services and digital solutions and applications offered by the participating institutions.
The forum concluded with a number of recommendations, most notably developing the legislative and regulatory environment to keep pace with developments in financial technology and digital business models, achieving a balance between innovation and financial stability, strengthening data- and risk-based oversight, and employing artificial intelligence and modern regulatory technologies to raise the efficiency of supervision.
It also recommended digitising financial and insurance services, simplifying procedures and improving the beneficiary experience, enhancing regulatory integration and data exchange between institutions and relevant parties, and supporting the innovation and financial technology ecosystem and linking startups with financial institutions, regulatory bodies and investors, in a way that contributes to accelerating the transformation of innovative ideas into practical applications.
The recommendations also called for developing financial and insurance products and solutions and diversifying private sector financing sources, expanding the use of capital market tools, sukuk and funds, in addition to developing national competencies in the fields of artificial intelligence, data, financial technology, cybersecurity and innovation, and strengthening early preparedness for global changes, risks and transformations.
