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The Central Bank of Oman signs an MOU with the Accounting and Auditing Organization for Islamic Financial Institutions11/26/2022 8:00:00 PMThe Central Bank of Oman signs an MOU with the Accounting and Auditing Organization for Islamic Financial InstitutionsThe Central Bank of Oman (CBO) signed today,<div style="text-align:justify;"></div><p style="text-align:justify;">​<span style="font-size:13pt;">Manama, Bahrain</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3">The Central Bank of Oman (CBO) signed today, 27 November 2022, a memorandum of understanding with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), with a focus on several areas, including standards development, capacity building, and knowledge exchange.</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3">The MOU signing ceremony took place on the sidelines of the AAOIFI and Islamic Development Bank 17<sup>th</sup> Annual Islamic Banking Conference, which is taking place in Manama from 27 until 28 November, with the theme "Economic Resilience and Governance in Disruptive Times".</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3">It is worth noting that the signing of this MOU also coincides with Oman completing a decade since the official introduction of Islamic finance in the country. During this decade, Islamic finance in Oman managed to take 16% of the market share, making its growth one of the fastest in the world. With assets totaling over OMR 6.1 bn (USD 16 bn), the Omani Islamic banking market is today the 15<sup>th</sup> largest internationally.</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3">AAOIFI is an Islamic international autonomous non-for-profit corporate body, established in 1991 and based in Bahrain, that prepares accounting, auditing, governance, ethics, and Shari'a standards for Islamic financial institutions and the industry. AAOIFI aims to standardize and harmonize international Islamic finance practices and financial reporting in accordance to Shari'ah. In this regard, it complements the work of the Islamic Financial Services Board (IFSB), which has a broader mandate and is more focused on prudential regulation standards for the industry.<br></span></p>0x010100C568DB52D9D0A14D9B2FDCC96666E9F2007948130EC3DB064584E219954237AF3900075E4FF44B3F64489802BE694C5C6FB70300A9BCF8A0432A87429120A5B0A0EDBFF9

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