Muscat: The draft law for Islamic insurance or takaful firms and amendments in Capital Market Law for accommodating Sharia compliant debt instrument or sukuk have been finalised. This will be enacted after it completes the routine regulatory approvals from different government entities, said Abdullah bin Salem bin Abdullah Al Salmi, Executive President of the Capital Market Authority (CMA).
"The draft law has been finalised. It will go to the cabinet and then to the Ministry of Legal Affairs and to Majlis A'Shura and Majlis Adawla. We hope that this process will not take long," the CMA chief added.
Al Salmi said a takaful insurance firm needs to have a minimum capital of RO10 million and the company has to be a separate entity (unlike window operation in banking sector). The takaful firm has to come out with an initial public offering within a certain period.