The Royal Decree 114/2000 issued on 17th Ramadan1421H corresponding to 13th December 2000 and published in the Official Gazette No.685 dated 16th December 2000repealed the earlier Banking Law No.7/74 and the amendments there to. The main objectives of this legislation being as laid down in the said law, is to promote the development of Banking institutions which will ensure the maintenance of financial stability, contribute to the economic, industrial and financial growth and enhance the position of the Sultanate in international financial affairs. As far as Banking Law is concerned, Hafedh Al Mahrouqi & Co has extensive experience and expertise in this field and we represent some of the top financial institutions in the Sultanate of Oman.
Taking advantage of its late initiation into Islamic banking, Oman will offer a unique model for the sector, which will be a combination of different models available across the world. In the struggle to drive long-term sustainability and accelerate economic growth, it is crucial to formulate strong banking reforms, diversify financial assets and execute appropriate investment mechanisms effectively. The need to strengthen policies and legal principles intended for implementing Islamic banking for the Sultanate of Oman should seize decisive action by governments and key policy makers to obtain a competitive edge in the regional and global financial markets.
As the country move towards embracing the modern concept of Islamic banking based on the recent affirmation of His Majesty Sultan Qaboos Bin Said, an inimitable opportunity prompted the financial and investment sector to gain confidence in bringing the industry to the next level.