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Oman eyes Islamic finance legislation by Q4

Oman's Capital Market Authority (CMA) has said a legislation covering Islamic insurance (takaful) and Islamic fixed income securities (sukuk) is expected to be finalised by the end of the third quarter of the year, Reuters has reported. Approval of the country's first takaful licence will follow soon afterwards, as three applications have already been received by the regulator, said Ahmed Al Harrafi, takaful team leader at the CMA. The market regulator, which last March became a member of the Malaysia-based Islamic Financial Services Board, considered creating a centralised sharia supervisory body but this option was not chosen, Al Harrafi said. An Islamic banking circular from Oman's central bank urged each bank to establish its own sharia board, he said.