The Capital Market Authority, Sultanate of Oman (“Oman CMA”) was recently invited to participate as a speaker in a panel session at the 1^st IFN (Islamic Finance News) Global Forum that was held in Dubai. Mr. Kemal Rizadi Arbi, an Advisor at the Oman CMA, had represented the Oman CMA in this forum.

This 1^st IFN Global Forum event was co-organized with the Dubai Economic Council and the Dubai Government as part of their exclusive agreement with the REDmoney Group (IFN’s parent firm) to collaborate on strategic projects to support the development of Dubai into a world leader for the Islamic economy. REDmoney is a global provider of specialized Islamic financial media and training services.

The forum was officiated by Mr. Abdulla Mohammed Al Awar, the CEO of the Dubai Islamic Economy Development Center, followed by a keynote address by Prof. Datuk Dr. Rifaat Ahmed Abdel Karim, the CEO of the International Islamic Liquidity Management Corporation.

The main topic for the panel session was on “A Global View of Sukuk and the Islamic Capital Markets” with one of the sub-topics relating to “Oman: Update on Oman’s Islamic capital market and outlook for Sukuk issuances”. The session had provided the current state of play for rapidly growing Islamic finance markets across the globe. In each of these markets, specific landmark transactions were discussed as speakers provided an in-depth view of where the market is headed and how it will be impacted by market conditions, regulatory advancements and issues relating to Shariah compliance. The panel session was moderated by Mr. Abdulkader Thomas, the President & CEO of Shape Financial Corporation, who is a well-known figure in the Islamic finance industry and currently also a member of Meethaq’s (the Islamic window of Bank Muscat) Shariah Supervisory Board in Oman.

During the session, Mr. Kemal Rizadi Arbi had highlighted what had been done in Oman and what the Oman CMA has done and currently doing in developing its Islamic capital market and Takaful market. Overall, within the last 2 years since the issuance of the Islamic Banking Regulatory Framework in December 2012 in Oman, 2 new dedicated Islamic banks and 6 Islamic banking windows had been established, 3 Shariah mutual funds had been issued in the capital market, the new MSM Shariah Index was launched for the Muscat Securities Market, the 1^st corporate Sukuk had been issued and 2 new Takaful operators are currently operating in the market. The Oman Government is also proposing the issuance of its 1^st sovereign Sukuk, which will not only efficiently fund the budget needs of the Government, but also establish a benchmark yield curve to spur development of the bond/Sukuk market in Oman and ensuring an efficient price discovery process.

The forum was a good opportunity to market and profile Oman’s rapidly growing Islamic capital market and invite global Islamic capital market players to come to Oman and forge partnership with the Omani local players, as part of the Oman CMA’s overall strategy to develop Oman’s Islamic capital market and Takaful market under the leadership of H.E. Abdullah Salem Al Salmi, the Executive President of the Oman CMA.