The banking sector in Oman is favorable, and there has been a
significant economic growth in the regulations in the Sultanate.
The recently introduced policies and directives indicate that
Oman's banking industry desires to work on the same lines as
that of the industry best practices as well as protection of
consumer rights. Banks in the Sultanate have witnessed a heavy
increase in the revenue margins, and it continues to grow. This is
a step forward to innovate and utilize this environment to fill in
the gaps in the sector to refine the efficiency in the
operations.
The Central Bank of Oman ("CBO") is in the process of
drafting a new banking law which will act as an added advantage to
the emerging developments in Oman's banking and financial
sector. The Executive President of CBO termed this initiative as an
"agile" law, which will encourage new age banking avenues
such as electronic payments.
