Regulatory Alerts2016-03-06 | No. 11/16Royal Decree No. 11/16 on the Issuance of Takaful Insurance Law
Sultan Qaboos bin Said issued Royal Decree No. 11/16 to establish a comprehensive regulatory framework for Takaful (Islamic insurance) activities in Oman. The decree mandates the Capital Market Authority to license and supervise Takaful companies, requiring minimum paid-up capital of ten million Omani riyals, strict separation of shareholders and participants funds, and continuous Sharia compliance through dedicated supervisory authorities. Licensed entities must maintain solvency margins, appoint qualified actuaries and external auditors, submit periodic financial reports, and manage investments in Sharia-compliant assets while retaining enforcement powers to intervene or cancel licenses for non-compliance.
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