Dec 18 2012
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Laws on takaful, sukuk soon
Muscat: The draft law for Islamic insurance or takaful firms and amendments in Capital Market Law for accommodating Sharia compliant debt instrument or sukuk have been finalised. This will be enacted after it completes the routine regulatory approvals from different government entities, said Abdullah bin Salem bin Abdullah Al Salmi, Executive President of the Capital Market Authority (CMA).
Al Salmi said a takaful insurance firm needs to have a minimum capital of RO10 million and the company has to be a separate entity (unlike window operation in banking sector). The takaful firm has to come out with an initial public offering within a certain period.
© Times of Oman 2012
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