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The IFSB Organised Capacity Building Workshop for Central Bank of Oman and Facilitating the Implementation of IFSB Standards (FIS) Workshop for Capital Market Authority (CMA) and Oman’s Market Players

Date posted: 15 March 2023

15 March 2023, Muscat, Sultanate Oman - The Islamic Financial Services Board (IFSB) has successfully conducted two (2) parallel workshops in conjunction with the 59^th Technical Meeting:

1. Capacity Building Workshop for Market Players (CBM), jointly organised with Central Bank of Oman (CBO), on 13 – 14 March 2023
2. Facilitating the Implementation of IFSB Standards (FIS) Workshop for Capital Market Authority (CMA) of Oman on 13 March 2023

The 59^th IFSB Technical Meeting is hosted by the Central Bank of Oman (CBO) aiming at enhancing the level of understanding and awareness of IFSB standards among local regulators and industry players. The CBM workshop commenced with opening remarks by Mr. Malik Abdulla Said Al Marooqi, Advisor to the Executive President, and followed by welcoming remarks delivered by Dr Bello Lawal Danbatta, Secretary-General of IFSB. While the FIS Workshop was opened by Introductory remarks from Dr. Bello Lawal Danbatta.

The workshops were designed to include topics covering Islamic banking, Islamic capital markets and Takaful sectors, with particular focus on:

• IFSB-23 : Revised Capital Adequacy Standard for Institutions offering Islamic     Financial Services [Banking Segment]
• IFSB-12 : Guiding Principles on Liquidity Risk Management for IIFS 
• GN-6 : Guidance Note on Quantitative Measures for Liquidity Risk Management
• IFSB-20 : Key Elements in the Supervisory Review Process of Takaful/Retakaful Undertakings 
• IFSB-21: Core Principles for Islamic Finance Regulation [Islamic Capital Market Segment] 
• IFSB-19: Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukuk and Islamic Collective Investment Schemes)
• IFSB-24: Guiding Principles on Investor Protection in Islamic Capital Markets
• IFSB-26: Core Principles for Islamic Finance Regulation (Financial Market Infrastructures)
• IFSB-8 : Guiding Principles on Governance for Takaful Undertakings
• IFSB-14: Standard on Risk Management for Takaful Undertakings
• IFSB-25: Disclosures to Promote Transparency and Market Discipline for Takaful/Retakaful Undertakings

The IFSB Workshops are a part of the Secretariat’s support to its members based on the Strategic Key Result Area 2 (SKRA 2) on the Facilitating the Implementation of Prudential Standards and Capacity Development under the IFSB’s Strategic Performance Plan (SPP) 2021-2024, to assist member organisations in adopting and implementing the IFSB Standards. Both workshops gathered more than 70 participants from both Regulatory and Supervisory Authorities (RSAs) of Oman, including various local market players of the Islamic finance industry.

For enquiries on IFSB workshops and membership services, please contact the IFSB Secretariat at [email protected].