Muscat, Sultanate of Oman – The International Islamic Financial Market (IIFM) organized an Awareness Seminar on Islamic Finance in Muscat co-hosted by the Central Bank of Oman (CBO) along with the Oman Banks Association (OBA). The event was held under the auspices of H.E. Tahir Salim Al Amri, Executive President, Central Bank of Oman, who delivered a keynote speech. The seminar, held at Bank Muscat Head Office, ascertained various Omani banking activities, while coordinating with regulators on policy making and strategy building for the banking sector. Also present were dignitaries including Sheikh Waleed Khamis Al Hashar, Chief Executive Officer, Bank Muscat, and Chairman of Oman Banks Association, Muscat who delivered a welcome speech to guests attending this significant occasion.
IIFM is a global entity that regulates trading and capital flows across the full spectrum of Shari’ah-compliant financial instruments internationally by issuing standardized Shari’ah-compliant Financial Documentation, Product Confirmations and Guidelines for the Islamic Financial Services Industry (IFSI). The aim of the event was to establish pellucidity in the advancing sector of the Islamic finance industry for sustainable development.
The seminar saw participation from all banking representatives in Oman along with global leaders on Shari’ah-compliancy as speakers who not only discussed IIFM standards but also consequent industry development initiatives. The day-long seminar touched upon numerous deliberations on vital subjects such as the Global Sukuk Market and its development and digitisation; the ISDA-IIFM Islamic Hedging Standards; the IIFM-BAFT Islamic Trade Finance Standards; the IIFM Islamic Liquidity Management Standards; and discussions on Global Benchmark Reforms
The event concluded with a dialogue on the need for standardizing Takaful and Re-Takaful documentation and its impact on the sustainable development and prosperity of the Islamic finance industry. Witnessing an illustrious global and local audience, the event raised inordinate cognizance of the Islamic Finance sector and was hailed as an exceptional success.
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About International Islamic Financial Market (IIFM)
IIFM is a standard-setting body focusing on standardization of Shari’ah-compliant financial contracts and product templates relating to the Islamic Financial Services Industry (IFSI).
IIFM which is based in Bahrain and hosted by the Central Bank of Bahrain (CBB), was established in 2002 under the Royal Decree No (23) Year 2002 of the Kingdom of Bahrain as a neutral and non-profit infrastructure development institution, by the collective efforts of the Islamic Development Bank, Autoriti Monetari Brunei Darussalam (formerly Ministry of Finance Brunei Darussalam), Bank Indonesia, Bank Negara Malaysia (delegated to Labuan Financial Services Authority), Central Bank of Bahrain (formerly Bahrain Monetary Agency) and the Central Bank of Sudan.
Besides the founding members, IIFM is also supported by certain regulatory and government bodies such as Dubai International Financial Centre Authority, State Bank of Pakistan, The National Bank of Kazakhstan and by a number of international and regional financial institutions active in Islamic finance as well as other market players.
Information on IIFM and its activities is available on www.iifm.net
Media Contact:
Mr. Usman M. Naseer, Senior Officer, Business Development, IIFM
Office: +973 17 500161; e-mail: usman.naseer@iifm.net
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