Muscat: The “Sharia Index” forum, organized by the Muscat Stock Exchange in cooperation with Alizz Islamic Bank today at the Oman Convention and Exhibition Centre, discussed the economic prospects of the index and its role in promoting investment compatible with Islamic Sharia and attracting local and foreign investments.
The opening of the forum was sponsored by His Excellency Dr. Saeed bin Mohammed Al-Saqri, Minister of Economy.
Haitham bin Salem Al Salmi, CEO of the Muscat Stock Exchange, said that this forum reflects the stock exchange’s interest in opening channels of communication with joint stock companies in light of the implementation of the basic axes in the stock exchange’s strategic plan, strengthening its role as a regional center for Islamic investment and stimulating sustainable economic development, out of belief in the importance of strengthening the culture of Islamic investment and providing compatible investment products. With the provisions of Islamic Sharia, it meets the needs of investors.
He explained that the forum focused on the importance of aspects of the Sharia index for representatives of public joint-stock companies listed on the stock exchange. This expands the investor base for companies and its role in diversifying investment products and enhancing the attractiveness of the Muscat Stock Exchange to investors from inside and outside the Sultanate of Oman by reviewing the stages of development that the index has gone through and the services associated with it that serve companies and investors.
He added that the Sharia index of the Muscat Stock Exchange is an important investment tool for investors seeking to invest in companies that comply with the provisions of Islamic Sharia. This helps in developing the savings and investments of those seeking legal compliance and creating a source of stock market liquidity through individual or institutional investment.
For his part, Ali bin Saif Al-Maani, CEO of Alizz Islamic Bank, said that the forum focused on the roles of the Sharia index and its contribution to money investment operations and educating customers about company stocks, stressing that the bank seeks to invest in sustainable initiatives, support government projects, quality deals, community initiatives, and pay attention to cognitive and educational aspects encouraging banking innovation.
The forum discussed many topics, including a working paper on the Sharia dimensions of corporate stock trading, a paper on Islamic investment funds and their impact on stock exchanges and financial institutions, and another working paper on Alizz Islamic Bank’s Sharia-compliant financial products.
The forum witnessed a discussion session that focused on the field of Islamic finance and its impact on the economy, with the participation of experts and economic officials. It reviewed the roles of Sharia supervisory bodies in structuring monetary investment tools, and the importance of developing AAOIFI standards to keep pace with new developments in the financial market.
The session also discussed the role of investment funds and their contributions to development according to the Sharia perspective, addressing the flexibility of Islamic Sharia and its impact on economic development, ways to direct charitable funds towards investment and development, and the most prominent challenges facing efforts aimed at achieving compliance with Sharia and legal requirements.
