In exercise of the Regulation on HSSA, it serves as an apex reference point for the Central Bank of Oman on Sharīʻah-related issues. It shall have full independence to play its mandated role and has a responsibility:
- to give opinion and submit advice to the Central Bank on Sharīʻah issues related to Islamic banking business;
- to give opinion to the Central Bank on Sharīʻah compliance of the transactions between the Central Bank and licensees; and
- to issue a binding resolution, on the issues submitted to it through the Central Bank, which are the subject of a Fiqh dispute between SSBs.
The HSSA has been active, providing guidance to the CBO on subjects, which include, among others, proposed deposit takāful scheme, Shari'ah compliant liquidity management tools, ownership-and registration-related issues for ijarah, issues in various modes of finance and ṣukūk issuances from the financial sector, etc.
The HSSA of Central Bank of Oman consists of 5 members. Its Secretariat is hosted within Regulation Directorate of Supervision and Regulation Sector.
The profile of HSSA members is provided below:
|
Chairman |
Shaikh Dr. Kahlan Nabhan al Kharousi |
Deputy Chairman |
Shaikh Dr. Abdullatif Mahmoud al Mahmoud |
Members |
Dr. Said Bouheraoua
Mr. Ahmad Suhaimi Yahya
Dr. Yaqoob Al Waeli |
Secretariat |
Secretary HSSA, Sulaiman Humaid Al Harthy |