MUSCAT — The Capital Market Authority (CMA) completed the initial draft of the regulatory bylaw of the Islamic Sukuk. CMA started getting feedbacks from the respective stakeholders at the public sector, the companies operating in stocks, audit office, legal consultancy firms, experts, academics and public on the provision of the draft regulations, which were drafted by CMA after His Majesty Sultan Qaboos issued his Royal Directives, which allow the introduction of Islamic banking at the Omani banking sector.
The regulatory bylaw was issued after CMA had studied the legislative, audit and procedural areas related to financial tools that are in line with the Islamic sharia rules. It also prepared the initial draft of the regulations and legislations needed to regularise the capital market and insurance sector. Within this framework, the initial draft is published on the CMA website for three weeks to give the respective departments the opportunity to review the provisions of the Islamic Sukuk regulatory bylaw.
The move comes within CMA’s policy to benefit from visions of the respective agencies and ensure highly just and flexible legislations that promote the efficiency of the Omani capital market. The Sukuk is one of the important financing tools that play an important role in financing investments or expansions by governments, companies and individuals. — ONA