The Capital Market Authority surveyed the opinions of the insurance companies, the auditing firms and legal consultancy offices on the contents of the primary draft of the Takaful Insurance Law. The Takaful Insurance Law was drafted following the Royal directives of His Majesty Sultan Qaboos to start Islamic banking in the Omani banking sector, which requires long term Islamic funding tools and Takaful insurance.
The CMA researched and studied the legislative, audit and procedural tools related to the finance tools that are compatible with the tenets of the Sharia and prepared the initial draft for the regulations that regularise the tools of the capital market and insurance………………………………………..Full Article: Source