Sukuk in the Sultanate of Oman

Licenses have now been issued by the Central Bank of Oman (the “CBO”) for some Islamic banks and windows in the Sultanate of Oman. Islamic banking, finance and investment activities have commenced. Banks, each to their shared and separate visions, are avidly pursuing realization of market opportunities and provision of Islamic financing services. There is considerable discussion, in the private sector and among regulators, regarding investing in and issuing sukuk and developing the “finance side” of the Islamic capital markets. The early focus on the sukuk markets is to be expected, given that the sukuk markets are the largest and most rapidly growing area of Islamic finance.

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Sultanate Becomes Signatory to Multilateral Memorandum of Understanding with IOSCO

It was recently announced that the Sultanate of Oman, represented by the Capital Markets Authority (CMA), has become a signatory to the Multilateral Memorandum of Understanding (MMOU) on cross-border information sharing of the International Organization of Securities Commissions (IOSCO).  IOSCO, the worldwide association of national securities markets regulators from over 115 countries, first adopted the MMOU as a means for national regulators to promote unified global standards and benchmarks for securities regulation and to facilitate the cross-border sharing of information amongst national regulators in order to combat cross-border violations of securities laws.  Oman joins over 80 other countries which have signed up to the IOSCO MMOU.  This important development affirms the Sultanate’s commitment to further integrate itself in the global economy, and also should provide the CMA with further resources as it continues to refine Oman’s capital markets regulations to best promote and protect the needs of the national economy.

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