Oman set to introduce Islamic finance framework this year

30 Jun 2012

(MENAFN) Islamic finance rules are taking shape in Oman as government entities are pushing towards making sharia-compliant products available to the public this year, Reuters reported.

According to CMA officials, legislation covering takaful insurance and sukuk would be finalized by the end of the third quarter of this year.

Takaful team leader at the Capital Market Authority (CMA) Ahmed Al Harrafi said that the country’s first takaful license will be Okayed soon, as three applications have already been received by the regulator.

From his side, senior director at the CMA Mohammed Al Abri said the regulator’s move comes in line with the central bank’s efforts to introduce a law that will supervise Islamic banks. The law is in its final stages of review, he added.

Many institutions, however, are still facing difficulties to obtain product expertise, arrange oversight by boards of Islamic scholars, train staff and build computer systems in accordance, resulting in a slow activity development.

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