Central Bank of Oman Board Advances Financial Sector Initiatives in 2024 Meeting

Oman, 27 June, 2024 : The Board of Governors of the Central Bank of Oman (CBO) convened its second meeting for 2024 at its headquarters in Muttrah's commercial district.

During the meeting, the Board focused on several key agenda items. It addressed the regulatory framework for digital banks, aiming to enhance efficiency in banking services, promote financial inclusion, and outline future regulatory strategies in this sector.

Recognizing the growth in Islamic banking services in Oman, the Board approved the foundational framework for licensing Sharia-compliant Finance and Leasing Companies (FLCs). This initiative aims to bolster the sector's capabilities in offering diverse financial products.

Additionally, the Board approved policies for the Oman Credit and Financial Information Centre "Mala’a", including organizational structure updates and financial regulation amendments. It also endorsed the centre’s information security policy.

Other topics discussed included financial indicators for banks, the CBO's financial position, economic stability prospects, reserve levels, and the performance of foreign investments. The Board reviewed reports on monetary policy efficiency, progress on the bank’s strategic plans, and updates on the Deposit Insurance Scheme and "Mala’a" quarterly reports.

The meeting concluded with decisions on various studies and agenda items aimed at enhancing the CBO’s operational effectiveness and regulatory oversight.

Source : www.omannews.gov.om