Author : Editor
The Sultanate’s first Islamic Finance and Banking Conference, organised by Al Iktissad Wal-Amal Group in collaboration with the Central Bank of Oman, was opened yesterday at the Al Bustan Palace Hotel. The conference was presided over by Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs. The President of the Islamic Development Bank, Dr Ahmed Mohammed Ali, was also present at the opening ceremony.
The conference is held as the Sultanate is moving towards embracing the modern concept of Islamic banking based on the affirmation of His Majesty Sultan Qaboos to start Islamic banking in the country. The Islamic finance market has grown to nearly $1 trillion globally and it is the best time for Islamic banks to be established in Oman.
Speaking on the occasion, Al Balushi said that the conference has special importance as it coincides with the steps taken to organise, set up and manage Islamic banking in the Sultanate.
Al Balushi hoped that the conference will contribute in developing the organisation rules for having an Islamic banking industry that are based on solid Islamic foundations and at the same time are highly capable of dealing with the concepts of the third millennium economy.
This will enhance the activities of the Islamic banking and financial institutions and enhance their contribution to the growth.
He pointed out that the growth of the Islamic finance is attributed to its positive features.
He added the Sultanate adopts an economic strategy that aims at achieving comprehensive, sustainable development, diversifying sources of national economy and activating the role of the private sector in economic activity.
Within this contest, the 8th Five-Year Plan, which has been approved early last year, includes an investment programme worth RO 42 billion, which mainly focuses on enhancing the economic diversification by setting up projects in different sectors.
He hoped that the Islamic finance will fill the gap of the traditional institutions and show more interest in the micro finance which will enhance the opportunities for the growth of the SMEs in the Sultanate, thus providing Omani youth with better business opportunities.
He added that one of the latest studies pointed out that 85 per cent of the Omani consumers are ready to buy Islamic finance products and that 70 per cent are looking forward to Islamic saving accounts once available.
The two-day event aims to highlight several key issues relevant to the Islamic financial industry. Among the topics to be discussed in the sessions during the two days are Policies and Regulatory Perspectives of Islamic Finance, Islamic Banking Growth, International Expansion, Islamic Finance and Capital Market Activities, Supervisory and Regulatory Role of Sharia Boards and Islamic Finance Socio-Economic Accountability.
More than 400 participants from various Arab and Islamic countries including Islamic and commercial banking leaders, fund managers, Sharia and legal experts, representatives of foreign banks and investment companies as well as world level consultants. In addition, a large number of people interested in the Islamic finance and banking from within and outside the Sultanate are participating in the conference.
Throughout the two days, several sessions and workshops are held to discuss the latest topics and trends in the Islamic banking sector. The sessions touch on different studies and researches conducted by a group of famous specialists, academics, scholars and senior staff in the financial and Islamic banking from regional and international organisations specialised in Islamic financial industries.
Among the prominent speakers at the first day of the conference are Hamood bin Sangour al Zadjali, Executive President of Central Bank of Oman, Sultan bin Nasser al Souwaidi, Governor of the Central Bank of UAE, Raed Charafeddine, First Vice-Governor of the Central Bank of Lebanon, Chairman of the Union of Arab Banks, Adnan Yusuf.
The President of the Islamic Development Bank commented: “I admire the Sultanate’s initiative to start the Islamic finance and banking along with the conventional banks in the country. The Islamic Development Bank is very keen to support the Oman as it is one of the founders of the Islamic Development Bank since 38 years. About $504 million from the Islamic Development Bank are allocated to support several projects in the Sultanate in different fields”.
The organising body of the conference, Al Iktissad Wal-Amal Group, hopes that conference provide a useful and ideal opportunity for all participants to come together, discuss and keep abreast of the ideas, trends and policies pertaining to Islamic finance and banking.
Source : main.omanobserver.om
