MUSCAT: The first meeting of High Sharia Supervisory Authority was held yesterday at the Central Bank of Oman (CBO). All members, Shaikh Dr Kahlan bin Nabhan al Kharoosi, Shaikh Dr Abdullatif bin Mahmood al Mahmood, Dr Said bouheraoua, Ahmed Suhaimi bin Yahya and Dr Yaqoob bin Mohammed al Waily attended the meeting.
Hamood bin Sangour al Zadjali, Executive President, CBO, welcomed the members and wished success in performing their due role as member of the Authority. He stated that CBO is looking forward to benefit from their knowledge and experience in Fiqh, Islamic banking and finance in order to address the common interests.
Formation of High Sharia Supervisory Authority is a major step towards accomplishment of CBO efforts since roll out of Islamic banking in the Sultanate. The Royal Decree No 69/2012 opened doors for Islamic banking in the Sultanate through effecting amendments in Banking Law No 114/2000 to undertake permitted banking activities by full-fledged Islamic banks or stand-alone Islamic Banking windows of conventional banks.
The members elected Shaikh Dr Kahlan bin Nabhan al Kharoosi as Chairman of the Authority and Shaikh Dr Abdullatif bin Mahmood al Mahmood as its Deputy Chairman.
The Authority noted the proposal to appoint coordinator/secretary and specifying his responsibilities. A presentation was given to the Authority on legal and regulatory framework of Islamic banking entities and their performance since the inception of business in January 2013 up to December 2014.
It is worth mentioning that in December 2012, CBO issued a comprehensive Islamic Banking Regulatory Framework (IBRF), covering regulatory and supervisory aspects of Islamic banking, to ensure smooth functioning, soundness and stability of the Islamic banking industry in the Sultanate.
SOURCE: OMAN DAILY OBSERVER