MUSCAT -- Abdullah bin Salim al Salmi, Executive President -- Capital Market Authority, (CMA), has highlighted the need for ensuring the availability of adequate capital for infrastructure development. He said, "Capital Market, whose contribution to the GDP is around 38 per cent, should be integrated with the national economy so that it can be used as an instrument to finance big-ticket projects. We want to see more equities, family-owned businesses and Sukuk coming to the market. Both the private and public sectors should take advantage of adequate market regulations that we have in the country."
Apart from calling for integration of capital market with the insurance sector, Salmi said that the draft legislation for Sukuk is ready and it is under consideration of the ministry. We hope to see the amendments very soon.
Inaugurating the Institute of Chartered Accountant of India (ICAI), Muscat chapter's seminar on 'Moving to a new world order -- Role for Finance Professionals', at Shangri-La Barr al Jissah, he spoke on the role of various professionals in the operation of capital market and in particular on the role of finance professionals in good reporting and meeting disclosure requirement, CSR etc.
He added that capital markets play a bigger role in the better distribution of wealth.
Anuradha Venkatkrishnan, chairperson, ICAI Muscat Chapter, elaborated about the Chapter activities and also set the tone of the theme of the conference.
C K Raghu, President, ICAI informed that the institute, the second largest accounting body in the world with around 240,000 members, is churning out highly skilled and efficient finance professionals.
J S Mukul, Indian Ambassador to Oman, said that the ICAI Muscat chapter is doing a commendable job in promoting knowledge sharing and mutual learning seminars which increases skills of the members as well as of local resident participants.
© Oman Daily Observer 2014
