Consolidating on the legislative framework introduced last year, the Finance Minister will prompt amongst others:
- The adoption of a Financial Services Bill
- Amendments to the Insurance and Securities Bill
- A comprehensive framework for Collective Investment Schemes
- The development of Alternative products such as Islamic Financial Services
- The setting up and development of a derivatives market
- Cross listings as well as the listing of state owned companies
The banking sector will for the first time be subject to a special levy based on turnover (0.5%) and accounting profits (1.7%). Only 30% of the levy will be payable in the first year of application (2007/08).
