MUSCAT: The Capital Market Authority (CMA) has issued Oman’s first crowdfunding licence to Malaysian-based Ethis Investment Platform.
In a statement issued, CMA said Ethis will offer a platform for equity financing and P2P financing. The company which is part of Ethis Group, is a Sharia-compliant crowdfunding platform.
Last year, in a landmark decision, Sultan Al Habsi, Minister of Finance and Chairman of CMA amended the Executive Regulation of the Capital Market Law (ERCML) and authorizing activities of crowdfunding platforms in Oman.
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According to experts, the move is aimed at stimulating the economic recovery, spurring various types of crowdfunding platforms, attracting local and foreign investors, supporting SMEs and entrepreneurs, and enhancing GDP growth.
