Oman plans to form a body governing the work of Islamic banks

Oman plans to form a body governing the work of Islamic banks

According to Alalam.ir Website : The Chief Executive of the Central Bank of Oman Hamoud Al Zadjali, to «coordinate with the Office of the Grand Mufti of the Sultanate on the formation of the body, in addition to the formation of committees within the legal institutions to ensure the compatibility of products with the bank where the Islamic Sharia»And Ramadan said in an interview hosted by Chamber of Commerce and Industry of Oman in the presence of officials in the banking sector and businessmen, that the presence of Islamic banks has become a reality and the issuance of approval by the Sultan Qaboos »He added that the Central Bank of Oman «quick to take the necessary measures to prepare legislative and regulatory environment for the work of Islamic banks, and the working group of specialists in the Bank studied from several aspects, to create integrated legislation for these banks, and make necessary adjustment to the provisions of the law current bank, drawing on the one consulting office competent for the development of banking regulations necessary »The Senghor, that the central bank «request from banks wishing to engage in the work of Islamic banking, the legal obligation and not bargaining in relation to the benefit not to deal, and ambiguity, or with what is prohibitedGradually, as demanded by the bank in the product release, according to market needs and in line with the prudential regulatory requirements stipulated in the Banking Act and the nature and sensitivity of the marketAnd dispatched «Central» Omani officials in a number of field visits to the developed countries in the field of Islamic banking, for the benefit of their experience and expertise in the development of an integrated legislative system is built to take advantage of school control of the States before in this areaFrom a procedural standpoint, the bank issued a preliminary approval to establish two Islamic banks are the «Nizwa» and «splendor International»And hope that they could complete the rest of the establishment procedures set forth in the circulation, which also consider the needs of some traditional banks licensed to open the windows to work through Islamic sinks ...
Original Text At Alalam.ir