Committee agrees to issue directory of banks and insurance companies

Muscat: A key committee agreed on issuing a directory of banks and insurance company to explain the activities and services of this sector to the society, the Finance, Banking and Insurance committee said during its fourth meeting of the year 2015.
It is important to understand the role of banks and insurance companies in the process of economic and social development, and in supporting the Omani private sector under the ongoing economic situation, the committee added.
The meeting was held under the chairmanship of Eng. Redha Juma Saleh Al Saleh, Vice-Chairman of Oman Chamber of Commerce and Industry (OCCI) for Administration and Finance Affairs and chairman of the committee in presence of the committee members representing the banking, finance and insurance sector.
The meeting also discussed a number of topics related to the committee such as awareness seminar on Islamic banking, possibilities of holding a seminar on tax law, educating the establishments in the sector, possibility of holding a social responsibility seminar for private sector establishment.
The members underlined the importance of holding regular annual meeting for finance sector during the first quarter as a platform to review and discuss the recent developments and the needs of the sector.
A visual presentation by Asaad Al Amry, member of the committee and representative of modern exchange, explained the role and functions of exchange companies and the way of dealing with them. He spoke about the method of selling, purchasing and transferring money, important functions of banking companies, role of exchanges in serving the society.
Tariq bin Subhi Abdul Razak, a committee member, also made a presentation on the economy in general and the brokerage committee. Also discussed the general budget and Five Year Plan of 2020 such as the planned projects, gross domestic product (GDP), budget deficit and petrol prices changes.
He also spoke about the unstable condition of the market and significant reduction in the volume of trading.