MUSCAT — The Capital Market Authority surveyed the opinions of the insurance companies, the auditing firms and legal consultancy offices on the contents of the primary draft of the Takaful Insurance Law. The Takaful Insurance Law was drafted following the Royal directives of His Majesty Sultan Qaboos to start Islamic banking in the Omani banking sector, which requires long term Islamic funding tools and Takaful insurance.
The CMA researched and studied the legislative, audit and procedural tools related to the finance tools that are compatible with the tenets of the Sharia and prepared the initial draft for the regulations that regularise the tools of the capital market and insurance. The CMA published the initial draft on its website for two weeks to enable the insurance companies and other respective agencies to review the laws and regulations that regularise the Takaful insurance products.
This step comes within the policies of CMA which seek to benefit from the visions of the respective agencies to ensure fair and flexible legislations to promote the efficiency of the Omani insurance sector. — ONA
