The Financial Services Authority (FSA), represented by the Supreme Sharia Supervisory Authority, hosted an introductory meeting titled ‘Legislative and Regulatory Empowerment of Supreme Sharia Supervisory Authority’. The meeting comes within the framework of the FSA’s efforts to strengthen the Sharia supervisory role and to develop the legislations governing the financial services sector.

The meeting reviewed the legal and regulatory frameworks that govern this vital sector, alongside discussions on legislations related to Islamic financial services, in line with the objectives of Oman Vision 2040 which emphasises strengthening the investment environment by diversifying financing instruments and insurance products, including those compatible with Sharia principles. Muscat Stock Exchange also contributed a working paper highlighting best practices and experiences in the field of Sharia-compliant financial services.

The discussions addressed several key themes, most notably the overall legal and regulatory framework of the Financial Services Authority, the role of the Supreme Sharia Supervisory Authority, the Takaful Insurance Law and its executive regulations, legislations governing investment funds within Islamic finance, the regulation of public joint-stock companies in line with Sharia requirements, as well as legislations related to Islamic financial services and challenges associated with financial innovation.

On the sidelines of the meeting, Dr Ismail bin Nasser bin Said Al Aufi, Chairman of the Supreme Sharia Supervisory Authority, said, “This meeting reflects the Authority’s commitment to strengthening the Sharia supervisory role and developing the legislative and regulatory framework that governs the financial services sector, ensuring its compliance with Sharia principles, and contributing to building trust in the financial and investment sector in the Sultanate of Oman.”

The meeting aimed to empower members of the Supreme Sharia Supervisory Authority and stakeholders interested in legislations regulating activities under the Authority’s supervision, enabling them to express their Sharia opinions on these issues. It also sought to enhance the clarity of legislative and regulatory frameworks supporting Islamic financial services.

It is worth noting that the Financial Services Authority issued Decision No. (11/2025) establishing the Supreme Sharia Supervisory Authority and approving its bylaws. The Supreme Sharia Supervisory Authority comprises a distinguished group of specialists in Sharia, accounting, and finance. This step comes as part of the FSA’s role in regulating financial transactions in accordance with Sharia principles and strengthening confidence in Sharia-compliant financing, investment instruments and insurance products.

The decision stipulated the appointment of: Dr Ismail bin Nasser bin Said Al Aufi as Chairman; Sheikh Ahmed bin Nasser bin Mohammed Al Kharusi as Deputy Chairman; and members Dr Sami bin Salim Al Kharusi, Ali bin Mohammed Jumaa Al Lawati, Sheikh Saif bin Mohammed bin Saif Al Lamki, with Khalid bin Said bin Saif Al Manji as Secretary.

Following the meeting, an open discussion session was held, bringing together participants and members of the Supreme Sharia Supervisory Authority. The session provided a platform for exchanging views and discussing the key topics presented. It served as an interactive forum to showcase ideas and proposals that support the progress of the financial services sector in the Sultanate of Oman.

The hosting of this meeting reflects the implementation of the above-mentioned decision and the enhancement of the Supreme Sharia Supervisory Authority’s role through the discussion of relevant legislations and regulations, while creating space for the exchange of insights and expertise. This contributes to the development of the Islamic financial services framework and the expansion of Sharia-compliant investments in Oman’s financial services market.