Despite being more than 600 pages long, many industry experts suggest that the Central Bank of Oman's 'Islamic Banking Regulatory Framework' is much more advanced than others in the Gulf, at least from the perspective of remaining true to the core ethos of the sharia. However, for a nascent industry, market participants actually implementing the standards consider the prohibitions a challenge to implement without substantially impairing profitability, particularly those affecting the treasury and capital markets. That said, this might just be THE opportunity to innovate and find authentic sharia-based solutions to advance the development of the Islamic financial services industry.
These and many more issues were brought to the fore by the Islamic finance industry at the forum “OMAN’S ENTRY INTO ISLAMIC FINANCIAL MARKETS” held on the 24th of February. We are pleased to announce that the white paper incorporating the main discussion points and recommendations is now available for download.
You can download the white paper from - http://r.reuters.com/wuk66t
The forum was organized by the Islamic Finance Gateway (IFG) Community (an initiative of Thomson Reuters / Zawya) and was held in collaboration with the General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank Group, with the support of the Capital Markets Authority (CMA).
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