(MENAFN - Muscat Daily) H E Hamood Sangour al Zadjali, the executive president of the Central Bank of Oman is to inaugurate Crowe Horwath's Islamic Banking Workshop at the Shangri-la resort today.The two-day workshop by Crowe Horwath International's special interest group on Islamic banking is meeting in Muscat to study the issues and challenges that may arise on the implementation of the service in the sultanate.According to a press release, Crowe Horwath International, a top ten global accounting and consulting network, is keenly following the developments in Oman for licensing the Islamic banking and takaful Insurance.The meeting will also be addressed by the guest of honor, H E Abdullah al Salmi, executive president of the Capital Market Authority, who is in the process of drafting the regulatory framework for licensing of takaful insurance in Oman.''The global financial crisis has given the Islamic financial industry a great opportunity'' said Davis Kallukaran, managing partner of Crowe Horwath's Oman member firm Horwath Mak Ghazali llc. "The obvious flaws in conventional finance have created great international interest in the Shariah-compliant financial models'' he added.Islamic finance has its largest resence in rapidly growing economies that have been least affected by the financial crisis. Leading players in the industry are competing to position themselves to capitalise on the new growth opportunities presented by the increasing internationalisation of Islamic banking.The special interest group of Crowe Horwath will focus on innovative solutions that will meet the increasingly complex needs of corporate borrowers, consumers, issuers and investors. Muna Bint Abdullah al Ghazali, the founding partner, said, ''The workshop will focus among other topics on risk management in Islamic finance, complex issues on Sharia Supervisory Board, structuring, marketing and sale of sukuk products, issues on asset liability management, debt capital market, issues on taxation and audit requirements under AAOIFI.''