Oman central bank sets up Islamic banking department
The Omani central bank has established an independent department to handle Islamic banking. The new department will handle all Islamic banking matters, though the existing examination and surveillance departments will continue their supervision of banks. The creation of a separate Islamic banking department appears to clear the way for two steps seen as critical to the long-term development of the industry: issuance of sovereign Islamic bonds, and the introduction of sharia-compliant money market tools. The government has said it plans to sell its first sukuk, an issue of OMR 200m ($520m), in coming months, while a central bank task force has been studying Islamic money market operations.
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