First Islamic Banking Meet Reviews Policies, Initiatives of the Islamic Banking Sector

A first-of-a-kind Islamic banking meeting held in Muscat today reviewed the Sultanate of Oman's banking experience, Sharia standards of the Accounting and Auditing Organization for Islamic Financial Institutions, the factors of monetary stability provided by Islamic banking services and the evaluation of administrative, financial and marketing efficiency of Islamic banks. The meeting titled 'Islamic Financial Transactions and Economic Stability'. The opening ceremony was held under the auspices of Abdulsalam Mohammed Al Murshidi, Chairman of Oman Investment Authority (OIA). Working papers at the meeting dealt with growth in the Islamic banking sector, Takaful insurance and endowment investment funds. It also touched on the developmental role of the Islamic finance sector, opportunities to raise the rates of the Islamic finance sector in Oman, the requirements of consumer activity and investment in this sector. During the meeting the names of winners of the first edition of the Islamic Finance Excellence Awa rds (Thimar) were announced. Source: Oman News Agency