Intel Update

Intel Update: April 2024

Decree Intel is a database of original Omani legal research material that provides explanatory notesoverviews of government entities, and summaries of Supreme Court cases and MJLA Fatwas.

New Content

Financial Services Authority: The Financial Services Authority (هيئة الخدمات المالية) is the government entity responsible for regulating the capital markets; insurance companies; the commodities, energy, and derivatives market; credit rating agencies; and the accounting and auditing profession.

The Ministry of Energy and Minerals: The Ministry of Energy and Minerals (وزارة الطاقة والمعادن) is the entity responsible for formulating the strategies and policies of the energy and minerals sectors, as well as developing, supervising, and regulating them.

Case Summary: Supreme Court (Labour Circuit: Contestation) 548/2017 (Failure to Terminate a Definite Period Contract): The Supreme Court held that the failure of the employer to terminate a definite period employment contract before its expiry transformed the contract into a new indefinite period contract.

Fatwa Summary: MJLA Fatwa 212744737 (Oman Housing Bank VAT Exemption): The Ministry of Justice and Legal Affairs (MJLA) held that the Oman Housing Bank, a government-owned enterprise under the Oman Investment Authority, is exempt from value added tax (VAT).