Thursday 20, December 2012 by Robin Amlôt

Oman's Islamic Banking regulatory framework published

In pursuance to the Royal Decree 69/2012 which amended the Banking Law 2000, the Central Bank of Oman(CBO) has issued its Islamic Banking Regulatory Framework (IBRF). The 519-page document is detailed, comprehensive and sets higher standards for the industry than those in place in several other countries. For example, the CBO has restricted the use of Tawarruq, stating, “Commodity Murabaha or Tawarruq, by whatever name called, is not allowed for the licensees in the sultanate as a general rule."

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