Muscat:The International Financial Center of Oman (IFC Oman) has revealed its foundational legal framework following the enactment of Royal Decrees No. 102/2026, 103/2026, and 104/2026. These decrees have activated the Operating Law, the Regulatory Law, and the Courts Law, which are crucial for the functioning of IFC Oman.
According to Oman News Agency, these laws lay the groundwork for registering companies, licensing, regulating financial services, and establishing a robust commercial dispute resolution system based on common law principles. The laws empower the center's authorities to issue detailed regulations and rules for activities within the center.
Mulham Basheer Al Jarf, Chairman of the Board of Directors of IFC Oman Regulatory Authority, stated that the issuance of these laws marks a significant milestone, providing the legal foundation necessary for company registration and financial service regulation. This framework aims to bolster international confidence in IFC Oman by offering legal certainty and stability, thus facilitating an environment where companies and entrepreneurs can prosper.
The completion of this legislative phase will be followed by efforts to finalize the regulations and regulatory rules, along with preparing the operational requirements needed to commence operations and start issuing licenses by early 2027. The Operating Law of IFC Oman outlines the legal framework for entities wishing to establish operations in the center, including an independent Registrar and public record handling requirements.
The Regulatory Law specifies the powers and responsibilities of the Regulatory Authority in overseeing financial and ancillary services, contributing to market confidence, transparency, financial stability, and investor protection. The Courts Law governs the Dispute Resolution Authority, aiming to provide an independent and efficient judicial system within the center, enhancing legal certainty and investor confidence.
With these laws in place, IFC Oman is poised to complete the essential pillars for beginning operations, focusing on operational capacity, engagement with potential companies, and enabling company registration to begin licensing businesses in early 2027.