(MENAFN- Muscat Daily) Muscat- The Central Bank of Oman (CBO) announced that the Islamic Financial Services Board (IFSB) has resolved to approve CBO's request to upgrade its membership of the IFSB from an observer member to a full member.
The full membership of the IFSB enhances CBO's efforts to develop the Islamic banking sector in Oman, the central bank said in a press release.
Furthermore, it gives CBO the opportunity to take advantage of standards and guiding principles issued by the IFSB, which in turn will help strengthen the regulatory and supervisory frameworks, in order to promote the stability and resilience of the Islamic finance sector.
In addition, the CBO will have an enhanced role and participation in the IFSB events by attending the IFSB General Assembly, the right to vote at the General Assembly, receiving technical assistance, and participating in the IFSB programmes such as workshops, roundtables, seminars and conferences from time to time. This will be reflected in the capacity building of members of the Islamic banking sector and the CBO as well.
Islamic banks and windows started operations in Oman in December 2012. Islamic banking industry has achieved remarkable growth over the past periods. The recent figures showed that total assets held by Oman's Islamic banks and windows reached to RO4.25bn, gross financing grew to RO3.46mn, and customers' deposits were recorded at RO3.14mn. The market share of Islamic banking sector in total banking assets in Oman reached to 13 per cent in September 2018.
The IFSB is an international standard-setting organisation with the objective to promote and enhance the stability of the Islamic financial services industry.
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