The Sultanate of Oman represented by the Capital Market Authority (CMA) had participated in the 2016 Islamic Financial Services Board (IFSB) Annual Meetings which was held from 10 to 12 April 2016 in Cairo, Egypt and hosted by the Central Bank of Egypt. The CMA was represented by Mr. Mohamed Said Al Abri, Director-General, Directorate of Issues & Disclosures at the CMA and Mr. Kemal Rizadi Arbi, Expert/Advisor at the CMA.

The IFSB is an international standard-setting organization that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry which includes banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry related issues, as well as organizes roundtables, seminars and conferences for regulators and industry stakeholders.

During the meeting, the IFSB Council which was chaired by the Governor of the Central Bank of Egypt, H.E. Tarek Amer, had resolved to approve the adoption of a new standard on Guiding Principles for Retakaful (Islamic Reinsurance)(IFSB-18). This new standard aims to provide the regulatory and supervisory authorities and market players of the Takaful industry guidance relating to Retakaful. In addition, the IFSB Council had resolved to approve the admission of 2 organizations into the IFSB membership. These include one supervisory authority, Bank of Tanzania, as an Associate Member, and one financial institution, Sohar Islamic Oman, as an Observer Member. The IFSB General Assembly was also presented with the IFSB’s overall performance for 2015 based on the Strategic Performance Plan that charts a roadmap for the IFSB to engage its stakeholders for further development of Islamic finance.

Mr. Kemal Rizadi Arbi had also participated as a speaker representing the CMA at the IFSB Seminar on Islamic Capital Market on “Supporting Development through Sukuk: Prospects and Initiatives”. The seminar was designed to provide an interactive environment enabling speakers and participants to explore the prospective role of Sukuk in social and economic development. The seminar was held in collaboration with the Islamic Development Bank based in Jeddah, Saudi Arabia.