| Year | Milestone |
|---|
|
2012 | Royal Decree 69/2012 amends Banking Law 114/2000 to introduce Islamic banking provisions. |
|
2012 | Issuance of the Islamic Banking Regulatory Framework (IBRF). |
|
2012 | Licensing of Bank Nizwa as the first full-fledged Islamic bank. |
|
2013 | Licensing of six local Islamic windows by conventional banks. |
|
2015 | Issuance of the first sovereign Sukuk in OMR. |
|
2015 | Establishment of the High Shari'ah Supervisory Authority (HSSA) at CBO. |
|
2016 | Issuance of the first US dollar-denominated Sukuk. |
|
2017 | Issuance of the first Sukuk by an Islamic banking entity (Meethaq Islamic Banking). |
|
2019 | Issuance of the Islamic Banking Regulation. |
|
2020 | Issuance of the first retail Sovereign Sukuk in OMR. |
|
2020 | Takeover of Alizz Islamic Bank by Oman Arab Bank and merger with Al-Yusr (Islamic window of Oman Arab Bank), resulting in the first Islamic banking subsidiary of a conventional bank. |
|
2022 | Introduction of the Wakala (USD) Money Market Instrument as the first Islamic money market instrument. |
|
2024 | Issuance of the Deposit Protection Law, which includes a Takaful Fund for the protection of deposits of Islamic Financial Institutions. |
|
2025 | Introduction of Qardh Hassan and Restricted Mudaraba Liquidity Management Instruments for Islamic Financial Institutions. |
|
2026 | CBO hosts the 17th Islamic Financial Services Board Summit. |