| Oman's new regulatory and legal framework for Islamic banking and finance should be completed by the end of this year. "We are building a legal and regulatory framework in consultation with the banking community. This is headed by a Special Committee who has been working on this with a top international consultancy firm for the last six months to come up with the appropriate framewrok," explained Hilal Ali Saud Al-Barwani, vice president, Banking Control and Legal Department, Central Bank of Oman.
He confirmed that Oman will not have a standalone dedicated Islamic Banking Law and the new Islamic banking legal and regulatory framework will be incorporated into the existing Banking Law through specialized additional articles...............................................Full Article: Source
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