Oman: Central Bank becomes full member of IFSB
Source: Middle East Insurance Review | Jan 2019
The Central Bank of Oman (CBO) has announced that it has become a full member of the Islamic Financial Services Board (IFSB) in an effort to further develop the Islamic banking sector in the Sultanate, reported Times of Oman.
The upgrade from an observer member to full member “gives CBO the opportunity to take advantage of standards and guiding principles issued by the IFSB which, in turn, will strengthen the regulatory and supervisory frameworks in order to promote the stability and resilience of the Islamic finance sector”, said CBO.
“In addition, CBO will have an enhanced role and participation in the IFSB events by attending the IFSB General Assembly, the right to vote at the General Assembly, receiving technical assistance, and participating in the IFSB programmes such as workshops, roundtables, seminars and conferences from time to time,” said the bank.
The IFSB is an international standard-setting organisation with the objective to promote and enhance the soundness and stability of the Islamic financial services industry by developing global prudential standards and guiding principles for the Islamic financial institutions broadly defined to include banking, capital markets and insurance segments. M