The Central Bank of Oman hosted its annual meeting with financial institutions, where the Governor set out the bank’s reform and modernisation agenda for the financial sector, including implementation of the new Banking Law, digital and open banking initiatives, and upgrades to national payments infrastructure. Key priorities highlighted included governance, risk management and depositor protection enhancements under the new Banking Law, alongside measures intended to encourage innovation and align with international practices. The Central Bank also pointed to progress on open and digital banking frameworks, the launch of an electronic system for Sharia-compliant liquidity management instruments, and a new symbol for the Omani Rial. Payments initiatives referenced included an upgraded GCC-RTGS capability for cross-border transfers, ACH enhancements enabling e-mandate adoption as an alternative to cheques, introduction of IBAN to simplify transactions and support anti-fraud measures, electronic cheque clearing, and rollout of the domestic “Maal” card scheme. The Governor also flagged a focus on strategic credit allocation to targeted sectors in line with Oman Vision 2040, along with ongoing regulatory revisions for conventional and Islamic banking and continued upgrades to the national payment system. Separately, the Central Bank announced financial awareness initiatives for students, including a competition spanning schools, colleges and universities.
Central Bank of Oman 2025-12-18
Central Bank of Oman outlines Banking Law rollout and digital payments reforms at annual meeting with financial institutions
At its annual meeting, the Central Bank of Oman outlined its reform agenda, focusing on the new Banking Law, digital and open banking, and national payments infrastructure upgrades. Key initiatives include governance and risk management enhancements, a new electronic system for Sharia-compliant liquidity management, and the "Maal" card scheme. The bank also emphasized strategic credit allocation aligned with Oman Vision 2040 and announced financial awareness initiatives for students.