Regulatory Alerts2021-12-27 | No. 171/2021Establishment of the Supreme Sharia Supervisory Board at the Capital Market Authority and Its Functioning System
The Capital Market Authority of Oman established the Supreme Sharia Supervisory Board through Decision No. 171/2021, mandating a five-member body to oversee Sharia compliance for Takaful insurance entities. The board is tasked with developing Sharia policies, validating financial products and contracts, resolving jurisprudential disputes among supervisory committees, and advising the Authority on regulatory matters. Operating under a four-year renewable tenure with defined remuneration and reporting obligations, the board conducts biannual meetings, maintains strict confidentiality and independence, and submits periodic performance reports to ensure robust Islamic finance governance.
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