English abstract
Sukuk were regulated for the first time in the Omani law in the regulatory
and supervisory framework for Islamic banks issued by the Central Bank in
2012, then the Capital Market Authority issued a decision regarding the
issuance of Sukuk Regulation No. 3/2016, and the last regulation came in 2019
when it was included with the bonds in the new Commercial Companies Law.
This study aims to follow what is stated in the Omani law about Sukuk and
its regulation, as it looks at the Sukuk process and the issuance cycle, and also
deals with the legal conditioning of the General Assembly of Sukuk Owners
and the Special Purpose Company.
The research depends on the descriptive analytical approach as it looks at the
nature of Sukuk and then moves to the idea of governance and legal regulation
of the operations associated with issuing Sukuk.
The study concluded that the diversity in the bodies that issue legal controls
and the lack of mandatory application of them is one of the reasons for the
weakness of the instruments in carrying out their developmental role, which
requires the intervention of the law to lay the sound foundations for correcting
the path. Also, the Sukuk Law should contain the controls for issuance,
execution, follow-up and liquidation.
