(MENAFN - Muscat Daily) Muscat -
The Oman Banks Association (OBA), co-hosted the International Islamic Financial Market (IIFM) awareness seminar along with the Central Bank of Oman (CBO) on Wednesday.
The conference was held under the auspices of H E Tahir bin Salim al Amri, executive president of the CBO, who delivered a keynote speech, according to a press release.
The seminar, held at Bank Muscat head office, ascertained various Omani banking activities, while coordinating with regulators on policy making and strategy building for the banking sector. Also present were dignitaries including Sheikh Waleed Khamis al Hashar, CEO of Bank Muscat, and chairman of Oman Banks Association, who delivered a welcome speech to the guests.
The IIFM is a global, dynamic entity that regulates trading and capital flows across the full spectrum of Sharia'a-compliant financial instruments internationally by standardised Sharia'a-compliant financial documentation, product confirmations and guidelines for the Islamic financial services industry (IFSI). The aim of the event was to establish pellucidity in the advancing sector of the Islamic finance industry for sustainable development.
The seminar saw participation from all banking representatives in Oman along with global leaders on Sharia'a-compliancy as speakers who not only discussed IIFM standards but also consequent industry development initiatives.
The seminar touched upon numerous deliberations on vital subjects such as the global sukuk market and its development and digitisation; the ISDA-IIFM Islamic hedging standards; the IIFM-BAFT Islamic trade finance standards; the IIFM Islamic liquidity management standards; and discussions on global benchmark reforms.
The event concluded with a dialogue on the need for standardizing Takaful and Re-Takaful documentation and its impact on the sustainable development and prosperity of the Islamic finance industry.