Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Thursday, October 30, 2014  

Islamic banking to play key role in boosting local economy: Zadjali
MUSCAT Two- day Oman Islamic Banking and Finance Conference kicked-off on Tuesday at Grand Hyatt Muscat. The conference gives stress to achieve convergence between existing banking regulatory systems and relevant international standards, using modern technology, customer service, and understanding their demands, long-term risk management policies, application of international best practices and sticking to ethical standards when practicing Islamic banking and investment operations.  

The opening ceremony of the conference, which is organised by Oman International Trade and Exhibitions, was patronised over by HE Hamoud Bin Sangour Al Zadjali, Executive President of the Central Bank of Oman (CBO).

“Islamic finance looks to help meet requirements of economic sectors, indicating that there is no conflict between Islamic finance and finance under the traditional economic rules as both aim at maintaining resources bestowed by Allah by utilising them in productive projects serving national economy and this the essence of Shariah based Islamic banking, he said.  

Zadjali added that Islamic banks play an important role in the development of the economy through attracting deposits and financing economic activities. Islamic banking is not about money, but seeks to finance real assets and project implementation and through it individuals can contribute to the development of investments and at the same time achieve public interest on religiously and legally accepted foundations.

He also said that after issuance of the Royal directives by His Majesty Sultan Qaboos Bin Said to allow Islamic banks in the Sultanate, in addition to open separate windows in existing commercial banks that wish to conduct banking business in accordance with the Islamic Shariah, CBO board of governors approved to establish two Islamic banks such as Bank Nizwa and Al Izz Islamic Bank. A number of conventional banks have taken the necessary steps to offer Islamic banking services through separate windows. 

He added that the CBO has proposed amendments to the Banking Law to authorities concerned and they are expected to be finalised soon. 

Ahmed Bin Saleh Al Marhoon, Director General of MSM, said that banks play an important role in economic development as they are basis of modern economic system and the main organiser of the relationship between depositors. Banks are working to gather and mobilise national savings, organise fund flow and utilise them in various investment activities for economic development.

Marhoon said that the Islamic banks will help attract Omani migrant savings to the Sultanate and utilise them in domestic economy. Islamic banks will find new economic projects through activities, such as the credit, speculation and participating in supporting development and creation of new jobs. 

He added that Islamic finance tools will be one of the most important sources of financing economic projects, help marketing them and increase demand for MSM as an organisation with strong legislations and sophisticated trading systems that facilitate and regulate the process of trading. 

He said that operation of Islamic banks in the Sultanate will create some sort of competition between conventional banks in customer service, which will be reflected positively on improving service delivery, reduce the cost and increase sources of financing.  

MSM will help Islamic banks to obtain the necessary funding sources to finance its activities through putting into circulation Islamic finance tools, such as Islamic bonds and certificates of deposit and other tools, he added.

Oman News Agency
NEWS UPDATES
Oman
Sunaidy, Rajnath sign judicial, legal cooperation agreement
Fair trial forum starts today
Pinda meets investors, promotes Tanzania
SQMC cadets get training with live ammunition
Six housing deals inked
Selection for HM Award set to start
Other Top Stories
White House computer system breached
US government buildings put on high terrorism alert
Iraq army closes in on militia-held Baiji refinery
Rocket to ISS explodes on liftoff
Obama calls on Americans to help check Ebola
India
List of 627 black money suspects submitted to court
Karat denies divide in CPM leadership
Maran brothers, six others indicted in Aircel-Maxis case
Gujarat shifts thousands as Nilofar nears
Delhi all set to test fire long-range missile
NIA set to probe Kerala link in Burdwan bomb blast case
300 black money holders abroad to be prosecuted
Andhra techie held over bid to join Iraq insurgency
Declare TMC ‘terrorist party’
Government bats for self-attestation of documents
Pakistan
Pak coastal areas on alert as Cyclone Nilofar approaches
Pak army ‘can respond’ to any border aggression
Middle East
Violence pushes Libya to point of no return: UN
24,000 Gaza workers get pay in boost to Palestinian unity
Hezbollah dug tunnels to Israel, says army general
House rejects Rowhani nominee for minister again
Houthi rebels seize control of Yemeni city, nine killed
Asia
Bangla politician gets death for 1971 war crimes
HK will be punished if stir continues, says China official
Australia yet to confirm death of Baghdadi militia recruit
Xinjiang schools to curb religious practice
Business
No need to panic, feels Opec
India retains top slot in most confident consumer market: Nielsen
Indian banks’ soured loans rise to 3-year high
Japan factory output records biggest jump in eight months
Meethaq to tap sukuk market in Q1 next year
World Bank urges China to cut GDP growth goal
India fares better in protecting minority investors: World Bank
Adani ropes in consultant for $6.2b Australia coal project
ONGC pips RIL to become India’s top energy firm
Facebook shares tumble despite profit rise in Q3
SEC probes private equity firms
Europe
51 countries sign OECD pact to tackle tax cheats
11,000 UK asylum seekers wait for years to find whether they can stay
Ukraine, Russia in new talks to end gas row before winter
Erdogan to unveil new presidential palace
Cameron rejects Scottish proposal on exit from EU
Sports
Mario finally breaks goal drought
Enrique unaware of Messi’s painkiller
Relief for Dortmund as they cruise through
Proud father Djokovic progresses
Spurs scrape one-point win over Mavs
Al Hilal in line for bumper payday
Thai media giants eye takeover of Bolton
Quality of ISL depends on nationals
Murray happy to be part of new league
Randle fractures leg on debut
Oman Desert Marathon next week
Muneer, Ayaan cruise into OAB Open quarterfinals
Oman International Rally … get, set, go

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution