27 October 2011
MUSCAT -- BankMuscat, the leading financial services provider in the Sultanate, has announced support to Oman Islamic Economic Forum to be held on December 17-18 at Al Bustan Palace Hotel. Organised by Amjad Group of Companies, the forum is aimed at shedding light on the impact of Islamic finance on the nation's economy and defining the steps needed by the Sultanate to develop its capabilities in Islamic finance.
The forum will discuss proposals for forming an organisational framework for an effective Islamic banking business model. Islamic finance experts, academicians and businessmen from Oman and abroad will address the forum which has evoked good response.
Sulaiman al Harthy, Group DGM -- Consumer Banking, said: "The BankMuscat strategy is to support all initiatives that contribute to the progress and development of Oman. The Bank strives to increase the range of benefits for customers and we are confident that the forum will shed light on important aspects of Islamic banking and highlight the difference between Islamic banking and conventional banking, thereby familiarising people with the main characteristics of Islamic finance."
Al Harthy added: "As the nation's leading financial services provider, BankMuscat is well positioned to provide Islamic finance expertise to diverse segments and thereby promote the good of society as a whole. BankMuscat is proud to have been associated with all major national initiatives and developments in line with the directives of His Majesty Sultan Qaboos. The Bank has in place a comprehensive strategy to effectively respond to the directive of His Majesty Sultan Qaboos on Islamic banking and thereby cater to the financial needs of people in accordance with the guidelines and regulatory framework to be prescribed by the Central Bank of Oman (CBO)."
The CBO has initiated steps to incorporate Islamic banking legislation into the banking law and thereby create a legal framework for Islamic banks and Islamic banking branches in line with the best international practices.
Al Harthy said: "Since Islam is the religion of the Sultanate of Oman as stated in the Basic Law, Oman is ideally placed to play a leading role in Islamic finance. Omani commercial codes are completely supportive to Islamic banking structure without any conflict. The commercial code has a very strong Sharia foundation in the form of Article 2, 4 and 5 of Royal Decree 55/1990."
MUSCAT -- BankMuscat, the leading financial services provider in the Sultanate, has announced support to Oman Islamic Economic Forum to be held on December 17-18 at Al Bustan Palace Hotel. Organised by Amjad Group of Companies, the forum is aimed at shedding light on the impact of Islamic finance on the nation's economy and defining the steps needed by the Sultanate to develop its capabilities in Islamic finance.
The forum will discuss proposals for forming an organisational framework for an effective Islamic banking business model. Islamic finance experts, academicians and businessmen from Oman and abroad will address the forum which has evoked good response.
Sulaiman al Harthy, Group DGM -- Consumer Banking, said: "The BankMuscat strategy is to support all initiatives that contribute to the progress and development of Oman. The Bank strives to increase the range of benefits for customers and we are confident that the forum will shed light on important aspects of Islamic banking and highlight the difference between Islamic banking and conventional banking, thereby familiarising people with the main characteristics of Islamic finance."
Al Harthy added: "As the nation's leading financial services provider, BankMuscat is well positioned to provide Islamic finance expertise to diverse segments and thereby promote the good of society as a whole. BankMuscat is proud to have been associated with all major national initiatives and developments in line with the directives of His Majesty Sultan Qaboos. The Bank has in place a comprehensive strategy to effectively respond to the directive of His Majesty Sultan Qaboos on Islamic banking and thereby cater to the financial needs of people in accordance with the guidelines and regulatory framework to be prescribed by the Central Bank of Oman (CBO)."
The CBO has initiated steps to incorporate Islamic banking legislation into the banking law and thereby create a legal framework for Islamic banks and Islamic banking branches in line with the best international practices.
Al Harthy said: "Since Islam is the religion of the Sultanate of Oman as stated in the Basic Law, Oman is ideally placed to play a leading role in Islamic finance. Omani commercial codes are completely supportive to Islamic banking structure without any conflict. The commercial code has a very strong Sharia foundation in the form of Article 2, 4 and 5 of Royal Decree 55/1990."
© Oman Daily Observer 2011
