Central Bank of Oman to host workshop on Islamic finance

Muscat: Central Bank of Oman (CBO) will be hosting a workshop on “facilitating the implementation of the IFSB standards” in coordination with Islamic Financial Services Board, under the patronage of Hamoud Sangour Al Zadjali, the executive president of the Central Bank of Oman, at Crowne Plaza Hotel, Muscat, from March 28 to 31.
The workshop is organised as part of capacity building initiatives to improve the skills and the capabilities of the staff of Islamic banks and windows operating in the Sultanate and the supervisory departments of the CBO, according to a CBO release.
The workshop will deliberate on ‘revised capital adequacy standard’ and ‘revised guidance on key elements in the supervisory process of the institutions offering Islamic financial services’ and will assist the participants in implementation of these two standards by offering them training with the help of practical case studies.
As many as 44 participants from different Islamic banks and windows and the supervisory departments of the CBO will participate in this workshop.
The Islamic Financial Services Board (IFSB) is an international standard-setting body of regulatory and supervisory agencies that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for Islamic banking, Islamic capital markets and takaful sectors.
The IFSB also coordinates initiatives on industry related issues, as well as organises roundtables, seminars and conferences and awareness programs for regulators and industry stakeholders in various countries.
Central Bank of Oman is an observer member of IFSB since February 2012 and participates actively in all the events organised by the IFSB. During the preparation of Islamic Banking Regulatory Framework (IBRF), Central Bank of Oman took guidance from the standards issued by the IFSB.