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Islamic Finance News (IFN) returns to Oman with the IFN Oman Forum & Dialogue in partnership with the Capital Market Authority, Sultanate of Oman (Oman CMA) held at the new Grand Millennium Muscat Hotel. The Islamic finance sector in Oman has gone through a commendable growth rate, highlighting the growing prominence of Shariah compliant finance in its economy. Having hosted the IFN Seminar and Dialogue in 2016 together with the Oman CMA.
The Center organized a workshop held in Grand Hormuz Hotel on the new Code of Corporate Governance , with the participation of Chairman and members of the Board of Directors and the executive management of the company VOLTAMP Energy.

The program included and emphasize on the importance of companies and their status and principles for controlling economic institutions’ affairs according to good governance practices that ensure its safe conduct activities and achieve the best levels of performance. The agenda of the program introduced the participants to know the historical roots to establish the concept of governance and how it has become a necessity sought by the company in the conduct of administrative and financial affairs with a review of the experiences of international countries in activating the foundations and principles of corporate governance and their effects in improving their performance and ability to meet the challenges, crises and market volatility.
The workshop program included a definition of the main four bases of corporate governance which are; accountability, transparency, justice and responsibility, under which the six principles of governance come; which are, the general framework , shareholders rights, and equal treatment of shareholders, role of stakeholders, disclosure and transparency, responsibility of the borad, and mechanisms of the Board of Directors, and how governance practices reflect on the operational performance, improve productivity and enhance the efficiency of external capital level of confidence. With regard to the development of the members of the Board of Directors skills, the program included topics related to the nature of the work of the Board and the powers entrusted to it, and the importance of separating the executive management of the Baord and the nature of the structural composition of the Board and the quality of its committees and how they can be members of the Board and its committees shall exercise their powers while avoiding conflicts of interest the program dealt with .
It also reviewed how the formation an effective Board of Directors in a way that contribute to enhance performance and increase efficiency through the appropriate combination of members with their skills and abilities commensurate with the powers entrusted to them. The program also stressed the importance of independent member and how to choose them as the existence of independent members can provide more guarantees for market participants to secure their interests. It has been also identified the importance of the Board 's committees and the definition of the Standing Committees and functional commissions and the considerations that must be introduced when the formation of committees. The program also emphasized the role of the Secretary of the Board of Directors and the method of choosing so .
On the other hand , it devotes a large time of the program to talk about the role of the Board of Directors in developing a strategy and performance monitoring through which the Board can invest the available resources to achieve the company's goals and overtake expected challenges. And also it discussed how to achieve interaction between the Board of Directors and the executive management of the company, and how the governance can contribute to risk management as to talk about many topics related to the role of the Board in the disclosure of information, transparency and the development of systems and mechanisms so as to achieve greater clarity and enhance the level of customer confidence.

The Capital Market Authority organized a virtual Seminar titled “The Role of Financial Technology in the Future of Capital Markets” in collaboration with the Arab Securities Association to discuss the latest developments in the securities markets and the challenge they encounter with regard to financial technology transactions as well as the key regulatory requirements to safeguard the participants.

The seminar included a number of topics the key were how to recover from the impact of the pandemic and how the tech can save the markets in case of any pandemic. The seminar also highlighted the key aspects of the future of Fintech from the regulatory perspective and virtual assets, decentralized financing of the capital markets and other related topics.

 

In continuation of the GCC awareness campaign organized by the GCC securities commissions the Capital Market Authority organized a virtual workshop on reading the financial statements with the participation of citizens and residents in the GCC states. The object of the workshop is to introduce to the participants the tools that help in reading the financial statements emphasizing on the key elements in the financial statements.

The workshop was organized due to the importance of the financial statements in displaying the financial performance of the companies listed in the stock exchange whereas knowing reading the statements is key to investment awareness as sound method for making investment decision in any of the listed companies, and the workshop was part of a package of specialized awareness programs in reading financial statements in October.

The workshop was presented by Ghadeer Mohammed Ridha Hassan, Portfolios Manager, United Securities. The workshop talked a number of topics on the concept of financial statements and their importance besides acquainting the participants with the four pillars of financial statement namely the income statement, financial position, cash flow statement and statement on change in equity. Each of the statements was explained and their key components to analyze to find out the position of the company and how to benefit based on the investment strategy of each investor.

It is worth to note that the GCC awareness program conducted by the CMA in the past two months focused on two main topics, the role of the capital market in the national economy and how to read the financial statements during the period from beginning of September to end of October. Awareness material were distributed to acquaint the community with the importance of the capital market as a source of financing for huge development and investment projects and the financing features of the capital markets whether to the issuers of securities or the investor.

 

 

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