The following Q&A, originally published for Lexis Middle
East, answers important questions regarding the laws and
regulations governing Banking in Oman.
- What are the main laws regulating the banking sector in
this jurisdiction and what do they cover?
The banking sector in Oman is controlled by the following laws
and regulations:
- The Banking Law (“BL”) promulgated
by a Royal Decree no. (114/2000) and its amendments.
- The Islamic Banking Law Regulatory Framework
(“IBRF”) issued on the 18th of
December 2012 by the Central Bank of Oman which has provided
licensing rules and guidance applicable to banks and Windows
regulated and supervised by the Central Bank of Oman
(“CBO”) and Sharia governance
framework to ensure Sharia compliance in Islamic banking operations
of Islamic banking institutions in Oman.
