The regulatory framework for Islamic Banking has been finalised, Hamoud bin Sangour al Zadjali, Executive President of the Central Bank of Oman (CBO), announced. Addressing delegates during the opening of the Oman Investment Forum 2012, he added that amendments to the Banking Law — a prerequisite for the rollout of Islamic Banking services in the Sultanate — are currently in process.
“Islamic banking is considered as a new chapter in the banking sector in Oman, which would diversify banking services and augment financial inclusion,” Al Zadjali said. “The advent of Islamic banking is expected to complement the current conventional banking in promoting growth in the economy during 2012 and beyond,” the executive president stated………………………………………..Full Article: Source