State Council discusses “Draft Law on the Protection of Bank Deposits”

State Council
State Council

Muscat: The third session of the first session of the eighth term, headed by His Excellency Sheikh Abdul Malik bin Abdullah Al Khalili, Chairman of the Council, the State Council discussed the “Draft Law on the Protection of Bank Deposits” referred by the Council of Ministers. His Excellency the Sheikh, Chairman of the Council, said in his speech that the session was held to discuss the “draft law protecting bank deposits” in accordance with the provisions of Article (49) of the Council of Oman Law, in addition to reviewing some topics related to the work of the Council.

His Excellency praised the efforts made by the honorable members, noting that they add a wealth of giving to the work of the Council, which reflects the extent of the honorable members’ interest. The Council explained that the draft law is one of the main elements for maintaining confidence in the banking system and enhancing financial stability, and it is part of the financial safety network by providing protection to depositors. It is also considered ensuring the commitment of the Sultanate of Oman, which keeps pace with effective deposit systems, representing the basic systems and principles of the International Federation of Guarantee Institutions. Deposits, and Basel Committee on Banking Supervision standards.

The Council stated that the “draft law on protecting bank deposits” in the Sultanate of Oman came to keep pace with the amendments to the banking law issued by Royal Decree (114/2000), which allowed the practice of banking business in accordance with Islamic Sharia, and the need to provide a protection cover for Islamic deposits. The “Bank Deposits Protection Bill” comes to provide a protection cover on deposits. In a way that encourages saving, increases and enhances confidence in the soundness of the financial conditions of the banking sector in the Sultanate of Oman, and also aims to reduce the effects of systemic risks in the banking sector. Which enhances financial stability. The draft law consists of (31) articles; It is an update to the Bank Deposits Insurance System Law issued by Royal Decree No. (9/95) and amended by Royal Decree (70/2010).

The session reviewed the study of the draft law and the opinion of the Shura Council regarding it. At the conclusion of the session, the honorable members were briefed on the general frameworks for the methodology for preparing proposals for draft laws and studies submitted by the Council’s permanent committees, and the report of the General Secretariat on the activities of the Council’s bodies. The session was attended by the honorable members of the Council, and His Excellency the Secretary-General.

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