Oman Islamic Economic Forum
Yesterday witnessed the beginning of the Oman Islamic Economic Forum, at the Al Bustan Palace Hotel. Organized by the Amjad Group, in attendance was Tun Abdullah bin Haji, Malaysia’s ex-Prime Minister, State Council honorable members, various ministers, undersecretaries and other political VIPs. As well, there were influential economic executives including those from Islamic banking institutions within and out of the Sultanate.
The main crux of the forum was discussions on banking regulations in Oman; Islamic banking practices; finance products; Islamic capital markets; charitable endeavors, the development of an alternative Islamic economic system, etc.
At the forum, the Central Bank of Oman’s Chief Executive President, Hamoud bin Sanjour al-Zdjali, pointed out the importance of Islamic banks keeping up with various accounting standards that are accepted by the parties stock market trading, while being conducive to international standards that affect them.
Understanding Islamic Banking Practices
Islamic banking practices work alongside Sharia (Islamic law) and its application through Islamic economics. In simple terms, this forbids fixed/floating payment or agreeing to specific interest or fees for monetary loans. In addition, one is not allowed to invest in businesses that sell anything that would be antithetical to Islamic principles.