HONOURABLE DR. SALIM SALEEM SALEH AL JUNAIBI (Member of State Council & Chairman of ALWusta Chamber)

H.E FAISAL ABDULLAH ALRAWAS (Chairman Oman Chamber of Commerce and Industry)

ZAHRAN SALIM AL SALTI (Dean College of Banking and Financial Studies, Oman)

Chairperson & the organizing managing commitee of ICAI Oman chapter

Distinguished representatives of the Institute of Chartered Accountants of India,

Esteemed Speakers from India & Oman,

Industry leaders, professionals, and dear friends,

A very good morning to you all. Sabah Al Khair.

It is a pleasure to join you at this important gathering of ICAI Muscat under the MAITRI theme, “Mapping Artificial Intelligence to Transform and Redefine Industry.”

I congratulate the ICAI Oman Chapter for bringing together distinguished professionals, industry leaders and experts from India and Oman to deliberate on a subject that is rapidly reshaping our economies and the future of business.

We are living through a period of extraordinary technological transformation. AI is no longer confined to research laboratories or futuristic predictions. It is influencing decisions in boardrooms, transforming manufacturing, assisting medical professionals, strengthening financial systems and changing how businesses compete and create value.

The question before us is no longer whether AI will transform our industries. The real question is how intelligently, responsibly and effectively we will harness its potential.

Ladies and Gentlemen,

Throughout history, human progress has been shaped by our ability to adapt to technological change—from the steam engine of the Industrial Revolution to the connected systems of Industry 4.0 and the human-centric vision of Industry 5.0.

AI represents another major turning point. It can analyse vast amounts of information, recognise patterns, generate insights and support complex decisions at a speed and scale that would be difficult for humans to achieve alone.

But technology, by itself, does not guarantee progress. Its true value emerges when it is combined with human expertise, sound judgement and a clear understanding of the problems we seek to solve.

Consider manufacturing, where AI-powered predictive maintenance can identify potential equipment failures before they occur, reducing downtime and operational costs. In healthcare, AI-assisted medical imaging can help specialists detect patterns and support earlier diagnosis. In logistics, AI can analyse demand, traffic and inventory data to improve delivery routes and strengthen supply chains.

These examples demonstrate that AI is not simply about replacing a human task with a machine. It is also about enabling people to make better decisions, use resources more efficiently and respond to challenges with greater speed and precision.

This brings us to an important distinction: automation versus augmentation.

Automation enables machines to perform tasks previously carried out by people. Augmentation uses technology to enhance human capabilities. The greatest opportunity lies in combining the two—allowing machines to process information efficiently while people contribute context, experience, creativity, ethical judgement and accountability.

This distinction is particularly important for the accounting profession.

Ladies and Gentlemen,

For chartered accountants, the transformation brought about by AI is not simply about adopting new technology. It is about redefining how professionals create value.

Accounting has always relied on accuracy, transparency, accountability and trust. A practical example is IBM, which has integrated AI into its own finance operations to automate journal entries, validate financial data and identify anomalies. According to IBM, its AI-powered system has the potential to reduce financial closing and reconciliation cycle times by more than 90%, while projecting annual cost savings of approximately US$600,000. This demonstrates how AI can significantly improve efficiency in accounting, while human oversight remains essential for accuracy, accountability and sound financial judgement.

These are not merely technological improvements. They can strengthen financial governance, improve risk management and support better business outcomes.

Yet, we must recognise an essential principle: an AI-generated finding is not automatically a fact, an unusual transaction is not necessarily fraud, and an AI-generated forecast is not a guarantee.

Technology can identify patterns, but a qualified professional must investigate their significance, verify the evidence and determine the appropriate course of action. An answer produced by a language model must also be checked for accuracy and relevance.

The future accountant will therefore need more than technical accounting knowledge. Data literacy, technological awareness, critical thinking, Cybersecurity consciousness and professional skepticism will become increasingly important.

Rather than spending most of their time on repetitive processes, professionals will have greater opportunities to interpret insights, advise businesses, evaluate risks and contribute to strategic decisions.

AI will not diminish the importance of professional integrity. If anything, it will make integrity even more important.

Distinguished Guests,

India offers an important perspective on how technology can be deployed at scale to transform economic activity and improve people's lives.

In February 2026, India hosted the India AI Impact Summit in New Delhi, bringing together global leaders, policymakers, researchers and industry representatives to discuss the future of AI. The Summit reflected India's emphasis on inclusive, human-centric AI and the importance of translating technological advancement into tangible benefits for society.

India's digital transformation also demonstrates the value of building strong technological foundations.

India’s Unified Payments Interface, or UPI, illustrates the transformative power of digital technology. In the financial year 2025–26, UPI accounted for approximately 85% of India’s digital payment transactions, demonstrating the scale at which technology can expand access to financial services. Building on this digital foundation, AI offers further opportunities for small businesses by helping them automate bookkeeping, forecast demand, manage inventory and identify potentially fraudulent transactions. A 2025 PayNearby survey found that 73% of surveyed small businesses in semi-urban and rural India reported increased income or improved operational efficiency through digital adoption. The next opportunity is to extend these benefits through accessible, affordable and responsible AI solutions.

India's technological journey, spanning digital public infrastructure, space exploration, pharmaceuticals, renewable energy and advanced manufacturing, reflects a broader ambition: to combine innovation with economic development.

This ambition is closely aligned with the vision of Viksit Bharat 2047—a developed India that harnesses knowledge, skills and innovation to advance national progress.

Oman is positioning itself for this transformation. It is embracing this transformation in line with Oman Vision 2040 and its ambition to build a knowledge-based, technology-driven economy. A notable example is The Zubair Corporation, which partnered with TechChef in 2025 to introduce AI-powered financial management and data analytics solutions aimed at improving reporting, operational efficiency and data-driven decision-making. Such initiatives demonstrate how AI can help businesses move beyond routine financial processing towards more timely insights and informed strategic decisions. For accounting professionals, the message is clear: technology can strengthen our capabilities, but professional judgement, ethical standards and accountability must remain at the heart of the profession.

India's experience in building digital public infrastructure and Oman's ambition to accelerate digital transformation create promising opportunities for cooperation in AI, financial technology, digital services and professional development.

India and Oman share a longstanding partnership founded on trade, investment, cultural connections and mutual trust. As both countries pursue their respective development ambitions, our professional communities can play an important role in connecting businesses, exchanging expertise and identifying new avenues for collaboration.

As Oman advances towards Vision 2040 and India pursues Viksit Bharat 2047, AI can become a bridge between our shared ambitions.

Ladies and Gentlemen,

While the opportunities are immense, we must also recognise the risks. AI systems can reproduce biases present in their data, generate convincing but inaccurate information, expose confidential records and produce decisions that are difficult to explain.

The challenge, therefore, is not to slow innovation unnecessarily, but to ensure that innovation proceeds with appropriate safeguards.

India is actively examining how AI development can be accompanied by suitable protections. On 23 October 2026, Union Minister for Electronics and Information Technology Shri Ashwini Vaishnaw announced that the Government of India would issue a consultation paper on proposed AI legislation in the coming weeks, inviting inputs from citizens, industry and other stakeholders. This reflects the importance of balancing technological innovation with public safety, accountability and human oversight.

A recent cybersecurity development offers a compelling illustration of both the promise and the risks of AI. In October 2026, researchers used AI tools to help identify and validate critical vulnerabilities in PHP, a programming language widely used to power websites and applications around the world.

This illustrates how AI can strengthen our ability to detect security weaknesses, while also highlighting the potential for similar capabilities to accelerate cyber threats.

For businesses, financial institutions and accounting professionals, the lesson is clear: AI adoption must go hand in hand with robust cybersecurity, timely software updates, effective risk management and clear accountability.

As AI becomes more deeply integrated into auditing, taxation, financial services and corporate decision-making, organisations must establish clear policies on data protection, transparency, human oversight and responsible use. They must invest in training their workforce so that professionals understand both the capabilities and the limitations of these systems.

The objective should not be to adopt AI simply because it is fashionable. It should be to identify genuine business challenges, select appropriate technologies, measure outcomes and ensure that responsibility for consequential decisions remains clear.

We must move from asking, “What can AI do?” to asking, “What should AI do, and how can we ensure that it does it well?”

That distinction will separate meaningful transformation from technological experimentation.

The experience of countries such as Japan offers an important lesson: technology creates the greatest value when it responds to genuine human needs. As societies address challenges such as ageing populations and rising healthcare demands, digital tools and AI-assisted services can help support well being and independence.

The same principle applies to industry. Whether we are improving healthcare, managing financial risks or modernising manufacturing, innovation must be guided by purpose and measured by its impact.

Distinguished Guests,

This brings me back to the purpose of today's gathering and the significance of the MAITRI theme.

For the ICAI Oman Chapter, the opportunity is not merely to discuss AI, but to help shape how the accounting profession adopts and benefits from it.

I would encourage ICAI Muscat to take this conversation forward through practical AI training for chartered accountants, professional knowledge-sharing, responsible AI-use guidelines, stronger cybersecurity awareness and closer collaboration between professionals, businesses and institutions in India and Oman.

There is also an opportunity to encourage young professionals to develop the skills that will define the next generation of accountancy—not only technical competence, but also data literacy, critical thinking, adaptability and ethical leadership.

As AI takes over more repetitive tasks, the professional value of chartered accountants will increasingly lie in their ability to interpret information, challenge assumptions, provide independent advice and build confidence in the decisions that businesses make.

In the age of AI, the value of a chartered accountant will lie not simply in understanding the numbers, but in questioning the algorithms, interpreting the insights and safeguarding the trust behind every decision.

As India advances towards Viksit Bharat 2047 and Oman pursues Oman Vision 2040, our professional communities have an important role in ensuring that technological progress translates into sustainable, inclusive and trusted growth.

In this endeavour, the enduring friendship between India and Oman, underpinned by mutual trust and respect and guided on the Omani side by the leadership of His Majesty Sultan Haitham bin Tarik, remains a valuable foundation for deeper cooperation.

I would like to express my sincere appreciation to the College of Banking and Financial Studies (CBFS) for its continued support to the Muscat Chapter of ICAI. Its valuable contribution has played an important role in facilitating the Chapter’s professional activities and fostering knowledge-sharing within the accounting and business community.

I wish the ICAI Oman Chapter and all participants a productive and successful conference.

Thank you. 

Shukran Jazeelan.