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Friday, August 22, 2014  

CMA studying solidarity insurance: Jabri
By Said Al Nabhani

MUSCAT HE Yahya Bin Said Al Jabri, CEO of the Capital Market Authority (CMA), said that the authority is studying solidarity insurance of some nations which has such insurance to take advantage of their experiences as per the Royal Directives of His Majesty Sultan Qaboos Bin Said to establish Islamic banks and allowing commercial banks to open Islamic systems.

Speaking to Oman Tribune, Al Jabri said: “A team of CMA employees will visit a number of countries to review the work mechanism, follow up and supervision systems in some establishments.” He said that the authority will ask some international experts who supervised such systems to help the CMA in setting up the new insurance system in the Sultanate.”

He said that there is continuous coordination with a number of private sector establishment operating at the Sultanate to utilise their opinions and experiences, especially of some foreign companies operating in local market and practicing solidarity insurance in foreign markets.

Jabri said that the CMA aims to get a clear and complete understanding of the new insurance system in order to set the best standards and practices which would be in agreement with the regulations of the Islamic Financial Services Council which is responsible of setting international standards of developing Islamic financial services.

Speaking about insurance, Al Jabri said that solidarity insurance is built on cooperation between a number of participants to face a definite danger.

The insurance company operates as an agent for the participants to administer the insurance account. He added that this insurance is different from the insurance account and contributors’ money and pointed out that outcomes of the solidarity insurance will attract new categories of society.

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