Oman's banking and financial sector has evolved over time acquiring a prominent role in supporting the growth process of the economy. The country’s financial sector has been considerably strengthened and transformed in recent years leading to a modern financial system consisting of commercial banks, specialized banks and other financial intermediaries.

The financial market is on a roll, with the MSM at an all-time high and banking attracting foreign players with its strong performance. To increase capital base and to strengthen financial viability, local banks are trying to become stronger through mergers, acquisitions, overseas expansion and diversification. Several finance and leasing companies are also in operation in Oman, mainly dealing in retail financing, equipment leasing, factoring and working capital financing etc.

The government is undertaking many development projects to modernise the economy, improve the standard of living, and become a more active player in the global marketplace. Oman became a member of the World Trade Organization in October 2000, and continues to amend its financial and commercial practices to conform to international standards.