CMA organises workshop to introduce standards for Sharia governance

Business Monday 13/March/2023 16:40 PM
By: Times News Service
CMA organises workshop to introduce standards for Sharia governance

Muscat: The Capital Market Authority (CMA), in partnership with the Islamic Financial Services Board (IFSB), conducted a workshop to introduce the standards for Sharia governance issued by the board related to the Islamic financial markets, Islamic financing, Takaful insurance and Takaful reinsurance.

The workshop was attended by representatives of Takaful insurance companies, Sharia-compliant joint stock companies, investment funds, insurance companies and the Oman Insurance Association. It was presented by specialists from IFSB and CMA on March 13.

The importance of this workshop stems from the importance of the Islamic financial market in the Sultanate of Oman; as it is considered one of the main sectors that have recently seen development in the national market; particularly since the establishment of the first two Islamic banks and six Islamic windows ten years ago.

This was followed by the launching of a Sharia index for 23 Sharia-compliant companies in the Muscat Stock Exchange (MSX), the establishment of three Islamic investment funds and 15 issued Sukuk in different Sharia structures, listing two Islamic real-estate investment funds in the MSX and licensing international Islamic crowdfunding platform to operate inside Oman. Furthermore, the market value of the Islamic capital (consisting of sharia-complaint shares, investment funds and Sukuk) is about 15 per cent of the total market value of the capital (conventional and Islamic).

It is worth mentioning that the IFSB is an international independent authority established in 2002 and is specialised in setting the standards for Sharia governance to maintain the development and enhancement of the strength and stability of the Islamic Financial Services Market.  This is achieved through issuing the precautionary standards and guiding principles of this industry in its different fields of Islamic Financial Services like banking, capital markets and Takaful Insurance.

Additionally, the IFSB conducts research studies on this industry as well as organises symposiums and scientific conferences for regulators and stakeholders. The IFSB works with related international, regional and national organisations, research centres, educational institutes and other organisations that operate in the same field.