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Muscat, (IINA) - The Central Bank of Oman (CBO) is hosting a workshop on “facilitating the implementation of the Islamic Financial Services Board (IFSB) standards” in coordination with Islamic Financial Services Board, from Monday to Thursday, at Crowne Plaza Hotel, Muscat, Times of Oman newspaper reported.
The event is being held under the patronage of Hamoud Sangour Al Zadjali, the executive president of the Central Bank of Oman.
The workshop is organized as part of capacity building initiatives to improve the skills and the capabilities of the staff of Islamic banks and windows operating in the Sultanate and the supervisory departments of the CBO, according to a CBO release.
The workshop will deliberate on ‘revised capital adequacy standard’ and ‘revised guidance on key elements in the supervisory process of the institutions offering Islamic financial services’ and will assist the participants in implementation of these two standards by offering them training with the help of practical case studies.
As many as 44 participants from different Islamic banks and windows and the supervisory departments of the CBO will participate in this workshop.
The IFSB is an international standard-setting body of regulatory and supervisory agencies that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for Islamic banking, Islamic capital markets and takaful sectors.
The IFSB also coordinates initiatives on industry related issues, as well as organizes roundtables, seminars and conferences and awareness programs for regulators and industry stakeholders in various countries.
CBO is an observer member of IFSB since February 2012 and participates actively in all the events organized by the IFSB. During the preparation of Islamic Banking Regulatory Framework (IBRF), Central Bank of Oman took guidance from the standards issued by the IFSB.
SM/IINA
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