ICAI Muscat Chapter was established in the year 2008 under the sponsorship of College of Banking and Financial Studies (CBFS) by a Memorandum of Understanding (MOU) signed by two bodies for the development of accounting profession in Oman and sharing knowledge and skills.

The MOU was recently renewed in March 2022 for further five years under specific authorization given to the ICAI by the Indian council of ministers.

The Chapter operates as a non-profit group of Indian Chartered Accountants who are employed in Oman and organizes professional learning events which is open to attendance by the professionals of all nationalities residing in Oman. The Chapter also runs an Omani Professionals Working Group (OPWG) which entitles all Omani nationals who become part of OPWG to attend Chapter programs without paying any membership fee or other charges which are payable by chapter members to meet the cost of running such programs.