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News
* Mawlid Al Nabawi Al Sharif Holiday
On the occasion of the Mawlid Al Nabawi Al Sharif for the Hijri year 1433, all banks shall remain closed on Sunday 5th February 2012, and shall resume on Monday 6th February 2012.
* Omani Economy Continues To be Optimistic
CBO’s Mid-Year Review of the Omani Economy Records GDP Growth of 20.7 %
In line with the significant recovery in 2010, the Omani economy continued to sustain the growth momentum in 2011. Although global recovery has slowed down in 2011, its impact on Oman has so far been limited, the report said.
According to the Mid Year Review of the Omani Economy, the first half of 2011 witnessed a Gross Domestic Product (GDP) growth percentage of 20.7 percent at current prices to RO 13,001.4 million. This is on top of an increase of 32.8 percent to RO 10,769.3 million during the corresponding period of the previous year.
Likewise, the inflationary pressures remained, by and large, stable and under control in Oman during 2011. Up to September 2011, the average inflation rate, measured by annual variation in the Consumer Price Index (CPI) for the Sultanate, stood higher at 4.2 percent compared to 3 percent a year ago.
As for the monetary and banking conditions in the country, the CBO continued to pursue an accommodative monetary policy during 2011 in order to support the economic recovery. As liquidity conditions remained comfortable throughout the year, there was large rollover of CBO CDs in the weekly auctions.
This Mid-Year Review of the Omani Economy for 2011 is the second in the series and covers developments relating to output growth, price situation, fiscal position, monetary and banking conditions, financial markets, foreign trade and balance of payments and macroeconomic outlook. Any feedback on the Mid-Year Review may be sent to ersd@cbo.gov.om.
* CBO to License Islamic Banking Through Exclusive Islamic Banks and Windows of Existing Licensed Banks
Circular BM 1081
Deemed as one way of doing banking business under the Banking Law, Authorized Islamic banks and Islamic banking windows, shall be subject to the overwhelming requirement of Shariah' compliance in addition to conforming to other applicable requirements under the Banking Law and other laws.
Islamic banking is responsible banking based on faith wherein certain lofty social, religious and morals principals are
paramount. Nothing should be done to undermine the basis and attract risks, financial, operational, reputational, and legal. The imperatives of Shariah compliance is emphasized. There should be no compromise on prohibition of riba, gharar or association with the forbidden, sanctity of contract shall be recognized and observed in details of disclosure and enforcement.
Accordingly, applicants, proposed entrants and existing licensed banks proposing to do Islamic banking, shall first and foremost familiarize themselves with requirements of Shariah' compliant banking to equip themselves in all respects and demonstrate the same to the Central Bank at the time of application.
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CBO Announces New Set Targets for Omanisation of Personnel in
Finance & Leasing Companies
CBO's Board of
Governors has decided to increase the Omanisation ration
requirement in all Finance and Leasing Companies to be at least
75% and 80% by the end of 2011 and 2012. In the top and middle
management positions, it should be 50% Omanised and 95% for
clerical and 100% non-clerical staff by the end of 2010.
*
CBO
Issues BM 1080 Circular to Banks on Outsourcing Regulations and
Guidelines
CBO has issued
policies and guidelines for outsourcing by licensed banks as it
poses a significant risk implications on banking services with
respect to confidentiality to banking operations. It also
impacts employment and career opportunities for Omanis and tax
implications.
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CBO
Announces New Set Targets for Omanisation of Staff in Money
Exchange Companies
CBO's Board of
Governors has decided to increase the Omanisation ration
requirement in all Money Exchange Companies to be at 55% by the
end of 2011, 60% by the end of 2012 and to reach 65% by the end
of 2013.
*
CBO
Issues
Circular BM 1078, FM 27 and ME 23 on Combating Frauds
CBO's minimum
requirement to Banks, Financial Institutions and Money Exchange
Companies for combating frauds is: 1. to have policies and
procedures in place to control and avoid fraud occurrence, 2.
Investigate, follow up and take action against fraudsters,
3.Prompt Report to be sent to Royal Oman Police and CBO.
CBO Issues
Mid-Year Review of the Omani Economy 2010
Sunday January
23,2011
The Central Bank
of Oman has issued for the first time, a Mid-Year of the Omani
Economy Review for 2010. The Mid-Year Review covers developments
relating to the recovery of the Omani economy, price situation,
monetary conditions, financial markets, foreign trade and
balance of payments and macroeconomic outlook.
CBO launches Electronic
Cheque Clearing System throughout the Sultanate
Saturday January
1,2011
The Central Bank
of Oman's managed clearing houses in Sohar and Salalah have stopped
any physical cheque clearing and settlement as cheques are now
handled electronically. The primary benefit of the system is
that cheques can be settled on the same day.
CBO
Launches the new Omannet System: Automated Teller Machine (ATM)
and Point of Sale (POS) National Switch
Thursday December
16,2010
The Central Bank
of Oman has launched the new Omannet system which is the
Automated Teller Machine (ATM) and Point of Sale (POS) National
Switch. OmanNet replaces and consolidates two earlier Switches
in Oman (Al-Shamel and Al-Watani) into one central solution
under the management of CBO.
CBO Issues New
Commemorative 20 rial Bank Note on the Occasion of the 40th
National Day 2010
Monday November 22,2010
The Central Bank
of Oman has issued a new Commemorative 20 rial bank note
for the public on the occasion of the 40th National Day
2010.
Central Bank of Oman Issues two Commemorative Coins On the
Occasion of the 40th National Day
Monday
November 18,2010
The Central
Bank of Oman is pleased to issue two commemorative coins (1 Gold
& 1 Silver) on the occasion of the 40th National Day 2010. Each
coin depicts the 40th National Day colored Logo.
Diffusion of Ownership in Finance and
Leasing Companies to Minimise Control in the
Financial Sector
Thursday October 7,2010
Central Bank of Oman has issued an amendment
to master circular FM 19 dated 11th February
2006 by requesting finance and leasing
companies to send proposals for all changes
in shareholdings of more than 10%. CBO aims
to avoid the concentration of ownership and
control in the financial sector with this
amendment.
CBO Issues a New Commemorative Coin 'Jewel of Muscat'
Wednesday July 28,2010
The Central Bank of Oman has issued a silver Commemorative Coin "Jewel of Muscat" on the occasion of the Renaissance Day 23rd July 2010.
This coin commemorates the Jewel of Muscat sailing ship voyage from Muscat to Singapore this year...
Press Release
Amendments to the Law Regulating
the Deposit Insurance Scheme (Royal Decree 9/95): BM 1071 Royal
Decree No. 70/2010
Tuesday
June 15,2010
Royal Decree No.
70/2010, issued on 26th May 2010, has made amendments to certain
provisions of the Law Regulating the Bank Deposit Insurance
Scheme (Royal Decree No. 9/95). With these amendments, initial
subscriptions/membership deposits/contributions, present and
future, from member banks’ will no longer be considered
“deposits” eligible for interest or repayment. Henceforth they
should be moved to expense account. Similarly, maximum amount of
compensation payable to a depositor of a bank shall be RO
20,000/- and will not be related to percentage of deposit
(this was 75% earlier). Net deposits of RO 20,000/- and below
shall be fully compensated. In addition, beneficiaries of
deposit insurance coverage in the case of joint accounts have
been made clear.
Royal Decree No. 70/2010 (Arabic version)
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