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
Wednesday, July 23, 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
NDC marks graduation of defence course batch
Sultanate, Japan hold talks to boost relations
ROP warns against use of firecrackers
OCCI hosts Futaisi
68m-rial road projects awarded in ’14
Other Top Stories
Israel onslaught leaves no place safe for Gazans: UN
15,000 displaced after Boko Haram raid in Nigeria
Slow progress in N-talks worries IAEA
‘Casablanca’ piano to be put up for sale in NY in Nov.
HM gets greetings for Renaissance Day
India
Pak firing at positions on LoC leaves soldier dead
IAS couple sacked after finding illegal assets worth $58.83m
Proposal to set up anti-terror hub shelved
Prasad blames UPA in judge row, Parliament rocked
232 teeth extracted from teen
Plan afoot to set up centres to help women distress callers
Middle East
Yemen Al Qaeda in bid to set up ‘emirate’
16 die as militias clash with troops in Benghazi
Mers virus found in Saudi camel barn air samples
Five girls injured in Pak acid attacks
Asia
Widodo clinches Indonesia poll with 53pc votes
China meat scandal hits US chains
S. Lanka probes gang rape of girl by sailors
Business
Five Omani banks get stable rating from Fitch
Apple asks suppliers to make 80m large-screen iPhones by year end
HSBC Oman logs 5.7m-rial profit in first half of year
S. Arabia to open up bourse
Sensex soars 311 points, crosses 26,000 mark
Axis Bank net rises 18%
Apple stocks turn sour for fund managers
ARM posts 9% rise in second quarter profits
Iata calls for review of global airspacesc
Credit Suisse posts huge loss as US tax evasion fine bites
Europe
Putin vows to aid crash probe
France defies US, Britain to sell warship to Russia
Turkey arrests dozens of top cops for wire-tapping, forgery
British probe finds efforts to enforce radical Islam on schools in Birmingham
Sports
Friendly city set for Friendly Games
Pakistani wrestlers rule out chances
Cook comes under fire to step down
Indian PM, Sachin praise Sharma’s heroics
Cook will never improve: Ponting
Real sign Golden Boot Rodriguez
World Cup in Qatar will not be held in summer: English FA chief
Rogers claims maiden stage victory
Zadran’s quick-fire 24 seals Afghanistan win
MOD70 Musandam-Oman Sail geared up for UK race

Sports


International

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