Oman Banks Association organises IIFM awareness seminar

Muscat: In pursuit of excellence within all banking echelons in the Sultanate, the Oman Banks Association (OBA), co-hosted the International Islamic Financial Market (IIFM) Awareness seminar in Muscat, along with the Central Bank of Oman.
The conference was held on September 11 under the auspices of Tahir Salim Al Amri, Executive President, Central Bank of Oman, who delivered a keynote speech. The seminar, held at Bank Muscat head office, ascertained various Omani banking activities while coordinating with regulators on policy-making and strategy building for the banking sector. Also present were dignitaries including Sheikh Waleed Khamis Al Hashar, Chief Executive Officer, Bank Muscat, and Chairman of Oman Banks Association, Muscat who delivered a welcome speech to guests attending this significant occasion.
The IIFM is a global, dynamic entity that regulates trading and capital flows across the full spectrum of Sharia-compliant financial instruments internationally by standardised Sharia-compliant Financial Documentation, Product Confirmations and Guidelines for the Islamic Financial Services Industry (IFSI). The event aimed to establish pellucidity in the advancing sector of the Islamic finance industry for sustainable development.
The seminar saw participation from all banking representatives in Oman along with global leaders on Sharia-compliancy as speakers who not only discussed IIFM standards but also consequent industry development initiatives. The day-long seminar touched upon numerous deliberations on vital subjects such as the Global Sukuk Market and its development and digitisation; the ISDA-IIFM Islamic Hedging Standards; the IIFM-BAFT Islamic Trade Finance Standards; the IIFM Islamic Liquidity Management Standards; and discussions on Global Benchmark Reforms.
The event concluded with a dialogue on the need for standardising Takaful and Re-Takaful documentation and its impact on the sustainable development and prosperity of the Islamic finance industry. Witnessing an illustrious global and local audience, the event raised inordinate cognisance of the Islamic Finance sector and was hailed as an exceptional success with OBA at its helm.
As a non-profit entity crafted to promote financial awareness and financial inclusion, OBA continues on its prolific journey towards attaining universal access to financial services for all segments of society in the Sultanate of Oman and supports banking excellence in Oman.