AAOIFI Wrapped Up Oman Visit

Oman

AAOIFI’s Secretary General Hosted by Mr. Ali Bin Hamdan Al Raisi,Deputy Governor, Central Bank of Oman

As part of its global role in spearheading the development of Islamic finance, and the efforts it exerts to serve this industry worldwide, AAOIFI has embarked on a visit to the Sultante of Oman where Dr. Hamed Hassan Merah, Secretary General, AAOIFI, held a meeting with Mr. Abdullah Bin Salem Al Salimi, CEO, Capital Market Authority of Oman, during which latest developments in Oman’s Islamic finance market and the prospective role AAOIFI may play in this regard were discussed.

AAOIF also held a meeting with the deputy governor of the Central Bank of Oman (CBO), Mr. Ali Bin Hamdan Al Raisi and the senior management of the Islamic banking directorate in the CBO. Dr. Merah commended the positive role of the CBO in supporting the Islamic finance industry through its active AAOIFI membership and adoption of AAOIFI standards on a mandatory basis. Moreover, the noticeable fingerprint of the Omani experience on the Islamic finance industry through its issuance of a pack of directives and resolutions to regulate the industry, including the introduction of a framework for Islamic finance governance to the Omani market, which was reflected, among others, in the formation of a Central Shari’ah Board for the Islamic fiancne industry under the umbrella of the Central Bank of Oman, in addition to making internal and external Shari’ah review and audit madatory for Islamic finance industry in Oman.

Assistnant Grand Mufti of Sultante, Honorable Shaikh Dr. Kahlan Bin Nabhan Al Kharosi (Chairman of the Central Shari’ah Board, Central Bank of Oman) also received Dr. Merah at his office where both sides discussed a number of issues and the professional and technical relationship between AAOIFI and the Sultanate of Oman in general and Dar al-Ifta in particular.

Furthermore, AAOIF paid a visit to one of its remarkably active and supportive members in Oman, Meethaq-Muscat Bank at its headquarters where a meeting with the bank’s senior management was held to discuss issues of mutual interest. Recently, AAOIFI inked an agreement with Meethaq-Muscat for sponsorship of AAOIFI’s semi-annual, peer-reviewed Islamic Accountancy Journal.

The official visit was concluded Tuesday evening (9 February 2015).

In this regard, AAOIFI’s Shari’ah Board and Accounting Board, which oversees the development and issuance of accounting standards and guidance notes, have amongst their members two experts from the Sultanate of Oman.

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AAOIFI’s Secretary General, Dr. Hamed Hassan Merah Hosted by Assistant Grand Mufti, Honorable Shaikh Dr. Kahlan Bin Nabhan Al Kharosi, Chairman, Central Shari’ah Board, Central Bank of Oman