By Samuel Kuty –
MUSCAT — Islamic finance sector in Oman is expected to get further momentum with the launch of the new Sharia compliant index by the Muscat Securities Market (MSM) today.
Announced to be known as MSM Sharia Index, the benchmark will have 31 companies with 18 drawn from industrial sector followed by 10 from service sector and three from financial institutions.
According to Ahmed bin Saleh al Marhoon, Director-General of MSM, the index will contribute to attracting a new category of investors.
“The move will pave the way for introducing other Islamic financial indices that serve new financial tools, such as sukuk and Islamic investment funds. This will enhance the available Islamic investment options and market depth,” Al Marhoon said.
The index is the latest development in Oman’s Islamic financial services market.
source : oman obsever