Oman says no quick introduction of Islamic instruments - Banking & Finance - ArabianBusiness.com:
"Islamic banks in Oman look set to wait many more months for access to additional sharia-compliant money market tools after the central bank ruled out introducing them until the government issues its first sovereign sukuk.
A viable interbank market could boost the profitability of Oman's Islamic banks, which have so far mainly relied on wakala, which are sharia-compliant agency agreements, to manage their short-term funding needs.
Asked if the central bank would soon introduce its own Islamic instruments to broaden and deepen the market, central bank executive president Hamood Sangour al-Zadjali said on the sidelines of a financial conference in Kuwait on Wednesday:
"Not yet. We do not have anything planned about this. We are just waiting for the government to issue the sukuk, at the end of the year probably, but at the moment we are not planning any liquidity instruments because we have to set the framework for it.""
'via Blog this'
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