Muscat: A workshop on Islamic banking is going to kick off in Omani capital, Muscat, with the start of next week and Executive President of the Central Bank of Oman (CBO), Hamoud Sangour Al Zadjali, will inaugurate the workshop.
Crowe Horwath’s Islamic banking workshop will begin on Monday at Baar Al Jissah Shangri-la Resort in Muscat and discuss various issues in Islamic banking industry.
The two-day workshop of the special interest group on Islamic banking of the global partners of Crowe Horwath International is meeting in Muscat to study the issues and challenges that may arise on the implementation of Islamic banking in the Sultanate of Oman.
Crowe Horwath International, a top ten global accounting and consulting network, is keenly following the developments in Oman for licensing the Islamic banking and Takaful insurance.
The meeting will also be addressed by guest of honor Executive President of the Capital Market Authority (CMA), Abdullah Al Salmi, which is in the process of drafting the regulatory framework for licensing of Takaful insurance in the Sultanate.
Managing Partner of Crowe Horwath’s Oman member firm Horwath Mak Ghazali, Davis Kallukaran, said, “The global financial crisis has given the Islamic financial industry a great opportunity.”
“The obvious flaws in conventional finance have created international interest in the Shariah-compliant financial model,” he added.
Islamic finance has its largest presence in rapidly growing economies that have been least affected by the financial crisis. Leading players in the industry are competing to position themselves to capitalize on the new growth opportunities presented by the increasing internationalization of Islamic banking and finance.
The Special Interest group of Crowe Horwath will focus on innovative solutions that will meet the increasingly complex needs of corporate borrowers, consumers, issuers and investors.
World over experts are discussing on creating a more globally harmonized footprint that, if achieved, will propel the Islamic finance industry to the next level of success.
Consulting Partner at Horwath Mak Ghazali, Amarjeet Majumdar, said that the regulatory framework needs to keep pace with an expanding industry. The Islamic financial industry is fortunate in that it has several well-established standard setting bodies, including the Islamic Financial Services Board, the International Islamic Financial Market, and the Accounting and Auditing Organization for Islamic Financial Institutions. Effective prudential supervision on banks is quite vital and crucial in the Islamic banking sector.
Furthermore, a system of proper corporate governance processes which are relevant and particular to Islamic principles must be in place in our financial institutions, he added.
He further said that in addition, the introduction of liquid, equity based risk sharing and capital adequacy frameworks will shield Islamic institutions from the effects of future shocks and will help build a more sustainable financial system.
According to Muna bint Abdullah Al Ghazali, the founding partner, “The workshop will focus among other topics on risk management in Islamic finance, complex issues on Sharia Supervisory Board, structuring, marketing and sale of sukuk products, issues on asset liability management, debt capital market and issues on taxation and Audit requirements under AAOIFI.”
“Experts from the Crowe Horwath’s offices in Malaysia, Austria, Kuwait, the United Arab Emirates (UAE), Bahrain and Oman are to make the presentations,” she added.