Central Bank of Oman Hosts Annual Meeting with Financial Institutions

Muscat: The Central Bank of Oman (CBO) today hosted its Annual Meeting with Financial Institutions under the theme “Reimagining Tomorrow”, bringing together leaders of the financial sector to review reforms, strategic initiatives, and the future direction of Oman’s financial system in line with Oman Vision 2040.

The meeting was chaired by Ahmed bin Jaafar Al Musalami, Governor of the Central Bank of Oman, and attended by chief executive officers and senior officials from licensed banks, finance leasing companies, payment service providers, the Oman Banks Association, and the executive management of the CBO.

In his keynote address, the CBO Governor reaffirmed the Sultanate of Oman’s firm commitment to building a resilient, sustainable, and future-ready financial sector. He highlighted the government’s comprehensive reform agenda and disciplined fiscal policies, which aim to enhance long-term economic stability, support growth, and secure prosperity for future generations.

Al Musalami underscored the importance of the new Banking Law, noting that it introduces strengthened governance standards, enhanced risk management frameworks, and improved depositor protection, while encouraging innovation and alignment with international best practices. He also described the launch of a new symbol for the Omani Rial as a milestone that reinforces the currency’s identity and global recognition, while supporting financial innovation locally and internationally.

The Governor reviewed the significant progress achieved in digital transformation and financial technology, including the implementation of open banking and digital banking frameworks that enable secure data sharing and the development of innovative financial products. These initiatives, he said, are designed to establish a robust, resilient, and customer-centric banking ecosystem. He also highlighted the launch of an electronic system for Sharia-compliant liquidity management instruments, which enhances efficiency and transparency in the Islamic finance sector.

The meeting outlined major upgrades to the national payment infrastructure, including the enhancement of the GCC Real-Time Gross Settlement (RTGS) system to support instant and secure cross-border transfers within the GCC. Additional developments include improvements to the Automated Clearing House (ACH), enabling the adoption of electronic mandates as an alternative to cheques, the introduction of the IBAN system to simplify transactions and strengthen anti-fraud measures, and the launch of electronic cheque clearing, which accelerates processing and improves liquidity management.

The Governor also highlighted the introduction of the domestic “Maal” card system, reflecting the CBO’s commitment to modernizing payment solutions, fostering innovation, and promoting financial inclusion.

Al Musalami emphasized the importance of directing bank credit toward priority sectors in alignment with Oman Vision 2040, to support economic diversification, create employment opportunities for Omani citizens, and position the financial sector as a catalyst for innovation, entrepreneurship, and inclusive growth. He further noted ongoing regulatory updates for both conventional and Islamic banking, alongside continued enhancements to digital financial infrastructure.

The meeting featured a series of discussions covering macroeconomic indicators, the evolving financial landscape, emerging risks and trends, priorities for 2025, and the digitalisation of financial services. The importance of cooperation across the financial industry to safeguard the stability of Oman’s financial ecosystem was strongly emphasized.

On the sidelines of the meeting, the CBO organized an awareness programme for university students, introducing them to the financial sector, the regulatory role of the Central Bank, and the principles of responsible financing. The CBO also announced the launch of a Financial Awareness Competition for students of schools, colleges, and universities, aimed at enhancing financial literacy and nurturing national talent for future careers in banking and finance.