The Sultanate of Oman has recently introduced a regulatory framework for Islamic banking and, just a few weeks ago, issued its first sovereign sukuk (or an Islamic bond, as more commonly known). As a latecomer in the industry (it is in fact the last GCC nation to venture into Islamic finance), it has had the advantage of adopting the industry’s best practices after studying the regulatory frameworks of other jurisdictions.
With Malta intensifying its efforts to become a centre for Islamic finance in Europe and the Mediterranean, it is clear that there is added scope for Malta and Oman to collaborate in this niche (but ever-growing) financial services sector.
As part of such efforts, David Zahra, on behalf of David Zahra & Associates Advocates (DZ&A), participated in the Business Opportunities Forum held in Muscat, Oman between 14 and 18 November 2015 and organised by the Oman Chamber of Commerce and Industry.
David Zahra had meetings with a number of financial services practitioners (including Islamic windows within Omani conventional banks) and leading law firms based in Muscat, Oman.
DZ&A participated in the Forum as part of a delegation from Malta organised by TradeMalta (a public private partnership between Malta Enterprise and the Malta Chamber of Commerce, Enterprise and Industry). The delegation was headed by Mr Tonio Casapinta, Vice President of the Malta Chamber of Commerce. H.E. Joe Mangion, Ambassador of Malta to the Sultanate of Oman, participated actively in the Forum.
Participants also attended B2B meetings organised by the Oman Chamber and learnt more about ‘Doing Business with Oman’.
