FSA Holds Meeting to Enhance Sharia Oversight
Role in Financial Services Sector

Muscat, 28 Sep (ONA) — As part of ongoing
efforts to develop legislations for regulating the financial services sector,
the Financial Services Authority (FSA) today organized an orientation gathering
on “Legislative and audit empowerment of the Supreme Sharia Supervisory Board”.

The meeting discussed legislation
related to Islamic financial services in view of the objectives set for Oman
Vision 2040, notably means of establishing a better investment environment by
diversifying financing tools and insurance products, like Sharia-compliant provisions.

The meeting dealt with key topics of
relevance to the FSA general legal and regulatory framework, the
role of the Supreme Sharia Supervisory Board and Takaful Insurance Law.

It also elaborated on bylaws on
regulating investment funds within the framework of Islamic finance, the
regulation of public joint-stock companies in accordance with Sharia principles
and legislation (related to Islamic financial services) and the challenges
associated with financial innovation.

The meeting aimed to empower members
of the Supreme Sharia Supervisory Board and those interested in the legislation
regulating activities subject to its oversight, enabling them to express their
legal opinions on these topics and outlining legislative and regulatory
frameworks supporting Islamic financial services.

During the meeting, Muscat Stock
Exchange presented a working paper about key practices and experiences in the
field of Sharia-compliant financial services.

— Ends/Bishara/AG