Seeking to add new momentum to Oman’s rapidly expanding Islamic finance sector, the Capital Market Authority (CMA) is spearheading a number of initiatives with a particular focus on strengthening the Islamic capital market.
On the anvil are new regulations governing the issuance of Islamic green bonds and virtual assets, according to a key official representing the market regulator.
“The CMA is awaiting (responses) from the relevant ministries to finalize the issuance of the new regulatory framework for ESG, sustainable bonds and Sukuk, and the financial capital private equity fund for both conventional and Islamic,” said Ahmed Ali al Maamari, Executive Vice-President, CMA.
Addressing an Islamic finance forum held in Muscat recently, the official noted that the new initiatives would provide further impetus to an industry that has grown by leaps and bounds over the past decade.
“Within a span of 10 years, Islamic finance has emerged as one of the fastest growing segments within the financial services industry since the establishment of two Islamic banks and six Islamic banking windows in 2013. Since then, the capital market sector, the MSX Sharia Index was launched with Sharia-compliant listed companies on the Muscat Stock Exchange (MSX). An Islamic Investment Fund has been established, while the Oman Sovereign Sukuk and Corporate Sukuk with various Sharia structures have been issued,” the official stated Notable achievements in this space, the official said, include the issuance of the first Oman Sovereign Sukuk, the first standalone corporate Sukuk, and the first Sukuk programme, as well as the first retail Sukuk, also the first dual currency Sukuk, both in Omani Riyal and the US dollar, and the first perpetual Sukuk in Oman. —Zawya News
