High Sharia Supervisory Authority holds review meeting

Muscat: The 15th meeting of the High Sharia Supervisory Authority (HSSA) was held under the chairmanship of Dr Kahlan Nabhan Al Kharoosi, Chairman of the authority.

During the virtual meeting, the authority held detailed deliberations on the issues presented to it with respect to various Sharia aspects relating to the Islamic banking business.

Accordingly, it reviewed the legal agreements for liquidity management products, regular payments of Hiba when the actual profit is less than expected, and the prize scheme programs. In light of the discussions, the authority provided its Sharia opinion and recommendations.

In the meeting, the authority was also briefed on the actions taken about the issues discussed during its previous meeting.