Oman’s Capital Market Authority Establishes Shariah Supervisory Board 

On the 11th of January 2022, H E Sultan bin Salim al Habsi, Oman’s Minister of Finance, and Chairman of Oman’s Capital Market Authority (CMA) issued Decision No 171/2021 which establishes the Supreme Shariah Supervisory Board (SSSB). The SSSB’s Articles of Association was also issued in accordance with Article 5 of the Takaful Insurance Law proclaimed by the Royal Decree 11/2016.

Why it Matters?

The establishment of the SSSB comes after recent advancements in the Takaful insurance market in Oman and aims to develop the legislative and regulatory process for companies operating in this industry as well as advise the CMA on the Shariah aspects related to Takaful insurance based on international best practices.

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