According to a recent Thomson Reuters Sukuk Perceptions and Forecast Study, Oman ranked first in the largest survey of its kind of both Shari’a compliant investors and capital arrangers, ahead of Egypt, Kazakhstan, Tunisia and Libya, all of which are establishing regulations for Shari’a compliant finance.
With support from the General Council for Islamic Banks and Financial Institutions (CIBAFI) and Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank group, Thomson Reuters will be holding a forum in Oman investigating what needs to be done to facilitate the country’s entry to global Islamic financial markets.
Thought leaders, bankers, and Shariah scholars will discuss the opportunities of setting up Islamic financial markets operations in Oman, how to capitalize on the global Islamic financial markets interest, and explore prospects to develop a strong Islamic interbank and fixed income market.
“Oman finds itself in a very nice position for attracting a disproportionate share of Shari’a sensitive private investment from the rest of the cash rich GCC states and further afar,” Russell Haworth, Managing Director, Middle East and North Africa, Thomson Reuters, said.
“None of the Islamic banks in the GCC or elsewhere have any exposure to Omani institutions or corporations, unless they have a direct equity stake. Hence, allocating a percentage of their portfolio to Oman is actually a must, besides being a preference,” he added.
“The other Middle East jurisdictions have always looked to Oman for investment as it is a country with which they share long standing ties of brethren,” Dr. Omar Hafiz, Secretary General of CIBAFI, said.
“It’s just that the Islamic banks could never invest in it. With the announcement to establish Islamic financing activities by His Majesty Sultan Qaboos bin Said Al Said, many Shari’a sensitive investors outside of Oman are interested in invest in Omani financial markets.”
“We are pleased to partner with the CMA, Thomson Reuters and CIBAFI to host this investigative forum bringing together all the players in the Omani financial markets to raise the key issues and then documenting them for further action,” Dr. Azmi Omar, Director General of IRTI, said.