High Sharia Supervisory Authority at CBO Holds Review Meeting
Muscat, 21 Sep (ONA) — The 15th meeting of the High Shari’a Supervisory Authority (HSSA) was held today under the chairmanship of Dr. Kahlan Nabhan Al Kharoosi, Chairman of the Authority.
During the virtual meeting, the Authority held detailed deliberations on the issues presented to it with respect to various Shari’a aspects relating to Islamic banking business. Accordingly, it reviewed the legal agreements for liquidity management products, regular payments of Hiba when the actual profit is less than expected, and the prize scheme programs. In light of the discussions, the Authority provided its Sharia opinion and recommendations.
In the meeting, the Authority was also briefed on the actions taken with regard to the issues discussed during its previous meeting.