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Home >News >The Gulf Bond and Sukuk Association (“GBSA”) Oman Chapter launch event officiated by the CMA
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The Gulf Bond and Sukuk Association (“GBSA”) Oman Chapter launch event officiated by the CMA

07 June 2016

News

PRESS RELEASE


 

The Gulf Bond and Sukuk Association (“GBSA”)

Oman Chapter launch event officiated by the CMA.


 

The Gulf Bond and Sukuk Association (“GBSA”) which is based in Dubai had recently launched its Oman Chapter on 1 June 2016 at the Grand Hyatt Hotel Muscat in partnership with Bank Dhofar. This historical launch event was officiated by the Capital Market Authority (“CMA”), and attended by representatives of Oman’s leading banks, investors, legal firms and private companies.

 

His Excellency Abdullah bin Salem Al Salmi, the Executive President of the CMA had delivered the keynote address. Mr. Michael Grifferty, the President of the GBSA and Mr. Abdul Hakeem Omar Al-Ojaili, the Acting Chief Executive Officer of Bank Dhofar was also present. Mr. Kemal Rizadi Arbi, Expert/Advisor at the CMA had also attended the launch event.

 

The Oman Chapter, consisting of key market players in Oman, will act as a resource for the Oman authorities to help grow the Oman market. This is in line with the GBSA’s purpose to be the collective voice of the region’s fixed income industry and to promote the growth of the fixed income market, while ensuring best practices, governed by the highest ethical and professional standards are in place.

 

The chapter launch was timed to follow the release of the new Sukuk Regulation by the CMA for any Sukuk issuances and to support the growing interest among Oman companies to tap into capital market financing. An increasing number of companies are taking advantage of bonds and Sukuk to diversify their financing source away from the traditional banking sector. The new Sukuk Regulation provides more certainty and improve the prospects for companies to raise funding from the capital market.

 

His Excellency Abdullah bin Salem Al Salmi, Executive President of the Capital Market Authority said, “The CMA fully supports this initiative taken by the market players – as a vibrant fixed income market is essential to the development, financial stability and diversification of the regional economy, including Oman. This is also an integral part of the overall strategy of the CMA to enable the capital market to play its vital role as an alternative fundraising platform for companies in the economic development of Oman.”

 

He also added, “The CMA is continuously enhancing and putting in place the building blocks to ensure an effective and dynamic fixed income market in Oman. Some of our initiatives have begun to bear fruit. This can be seen in the growth of the bonds and Sukuk market in Oman in 2015 by 53.75% or RO653.62 million (US$1.7 billion) from RO1.216 billion (US$3.162 billion) as at 31 December 2014 to RO1.869 billion (US$4.86 billion) as at 31 December 2015.”

 





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