Officials said it was part of efforts to promote the Islamic finance sector and the larger Islamic economy in the country.

The seminar, 'Islamic Banking Contracts - The Judicial View and Legal Implementation' took place in the presence of H E Sheikh Abdulmalik bin Abdullah bin Ali al Khalili, Minister of Justice, and legal and finance experts. 'We are inviting judges to understand the importance of having proper Islamic contracts so in case of conflicts everything is clearly understood, that these contracts are totally different from the normal banking contracts,' Sulaiman al Harthy, deputy CEO, Bank Muscat and group general manager of Meethaq told the media.

Officials said there is a need to raise awareness on the nature of contracts in Islamic finance and how they differ from conventional ones. According to Harthy, transactions in Islamic finance are meticulously guided by several different contracts.

'In Islamic finance, the contract plays a very pivotal role in dealing with the customer,' he said. Speakers included members of Meethaq's Sharia'a supervisory board and judges at various levels. Bank Muscat has undertaken several Islamic financing projects through its Islamic banking window, Meethaq.

This includes Oman Air's second Boeing 787 Dreamliner and three large crude carriers for Oman Shipping Company. Islamic finance is considered the foundation of a larger Islamic economy, which includes sectors such as health, education, food and fashion. Activities in these sectors must meet Sharia'a and Halal guidelines to be considered Islamic.