Sohar: The North Al Batinah Branch of the Oman Chamber of Commerce and Industry (OCCI) hosted the third Finance and Insurance Forum, themed 'Empowerment and Sustainability', today. The event was inaugurated by Suleiman Hamoud Al Busaidi, Deputy Secretary-General of the Council of Ministers, and attended by dignitaries alongside participants from various government and private institutions in Oman's finance, funding, and insurance sectors.
According to Oman News Agency, Zaher Khusaif Al Harasi, Chairman of the Finance and Insurance Committee at the North Al Batinah Branch of OCCI, emphasized the forum's role as a continuation of an ongoing journey. The first edition aimed to empower private sector institutions and enhance their sustainability, while the second edition focused on partnerships, legislative frameworks, digital transformation, and innovative financing. The current forum seeks to explore future-oriented themes including financial technology, innovation, digital transformation, risk management, and business continuity, which are now crucial for growth, competitiveness, and sustainability in these sectors.
Al Harasi highlighted the rapid technological transformations within finance and insurance, driven by advancements like artificial intelligence and data analysis. These developments create opportunities for enhancing services, operational efficiency, and user satisfaction. He stressed the importance of adapting to these changes to maintain stability, readiness, and sustainability.
The forum's agenda included dialogue sessions and working papers. A main session discussed the financial sector's role in supporting Oman's national economy. Another session, 'The Financial Sector in the Age of Digital Transformation: Innovative Legislation, Smart Investment, and Sustainable Growth,' examined sectoral changes and the need for regulatory and investment environment development.
Dr. Mughaith Shawkat from the Islamic Research and Training Institute presented a paper on Islamic finance's role in Oman's economic transformation. He noted the industry's growth from USD 36 billion in 2025 to a projected USD 45 billion in 2026, with Islamic banks and windows comprising 23 percent of banking assets. He identified growth opportunities in takaful insurance, asset management, and Islamic funds.
A session within the sustainability and future theme explored 'The Role of Financial and Insurance Institutions and Smart Applications in Supporting the Private Sector,' emphasizing digital solutions and smart applications to enhance service efficiency and competitiveness.
The event featured an exhibition showcasing regulatory, legislative, financial, funding, and insurance services, alongside digital solutions offered by participating institutions.
The forum concluded with recommendations to advance the legislative and regulatory environment, balance innovation with financial stability, and enhance oversight using data and risk-based approaches. It emphasized digitizing services, simplifying procedures, and improving user experiences, along with fostering innovation and linking startups with financial institutions and investors.
Recommendations also included developing financial and insurance products, diversifying financing sources, expanding capital market tools, and enhancing national competencies in AI, data, fintech, cybersecurity, and innovation to prepare for global changes and risks.
