The Finance, Banking and Insurance committee held its fourth meeting of the year 2015 under the chairmanship of Eng. Redha Juma Saleh Al Saleh, Vice-Chairman of OCCI for Administration and Finance Affaires and chairman of the committee in presence of the committee members representing the banking, finance and insurance sector.
The meeting discussed a number of topics related to the committee such as and awareness seminar on Islamic Banking, possibilities of holding a seminar on tax law, educating the establishments in the sector, possibility of holding a social responsibility seminar for private sector establishment.
The members underlined the importance of holding regular annual meeting for finance sector during the first quarter as a platform to review and discuss the recent developments and the needs of the sector.
The committee agreed on issuing a directory of banks and insurance company to explain the activities and services of this sector to the society and to understand their role in the process of economic and social development, and in supporting the Omani private sector under the ongoing economic situation.
This was followed by a visual presentation by Asaad Al Amry, member of the committee and representative of modern exchange explaining the role and functions of exchange companies and the way of dealing with them. He talked about the method of selling, purchasing and transferring money, important functions of banking companies, role of exchanges in serving the society. Tariq bin Subhi Abdul Razak, the committee member also made a presentation on the economy in general and the brokerage committee. Also discussed the general budget and Five year plan of 2020 such as the planned projects, GDP, budget deficit and petrol prices changes.
He also talked about the unstable condition of the market and significant reduction in the volume of trading.