The Capital Market Authority of Oman (CMA) has issued new regulations which require Omani insurers to be listed on the Muscat Securities Market and maintain capital of OMR 10 million.
The State Council in Oman also recently approved the draft Takaful Insurance Law. The law sets out the regulatory code for takaful operators, including oversight and reporting requirements, product standards and liquidity levels. The draft law also sets out that only dedicated takaful firms may operate, preventing existing conventional companies to setup takaful windows.