Oman's insurance regulator, Capital Market Authority (CMA) has urged local insurance firms to enhance their capital base to retain more business within the country and to withstand competition, Times of Oman has reported. Although the stipulated minimum capital for conventional insurance firm in Oman is OR5m, the insurance regulator is contemplating to have a OR10m paid up capital for takaful or Islamic insurance firms, when they start operation. "This will give the companies an ability to retain more business within the country and withstand competition," said CMA executive president Abdullah bin Salem bin Abdullah al Salmi.