Oman May Introduce Islamic Instruments Next Year, CMA Head Says - Bloomberg

Oman may introduce Islamic instruments in early 2012 as it’s working on developing a framework for Shariah-compliant products, the Persian Gulf country’s market regulator said today.

The instruction to start Islamic banks in the sultanate has facilitated the introduction of the services, which “will create new challenges in rethinking our legislations and amending them to accommodate Islamic products,” Oman Capital Markets Authority President Yahya Said Al Jabri said in a speech in Muscat today. “This task requires education and training of human resources able to assimilate this promising industry.”

The introduction of Islamic instruments will be helpful for the expansion of the securities market, Al Jabri said.

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