Central
Bank of Oman Hosts Annual Meeting with Financial Institutions

Muscat,
18 Dec 2025 (ONA) — The Central Bank of Oman (CBO) today hosted its Annual
Meeting with Financial Institutions, uniting industry leaders under the theme
“Reimagining Tomorrow”.

Chaired
by Ahmed bin Jaafar Al Musalami, Governor of the CBO, the event drew CEOs and senior
officials from licensed banks, Finance Leasing Companies (FLCs), Payment
Service Providers (PSPs), and the Oman Banks Association (OBA) with Executive
management of CBO. The gathering served as a platform to discuss major reforms,
strategic initiatives, and the future direction of Oman’s financial sector in
line with Oman Vision 2040.

The
CBO Governor keynote address reaffirmed the country’s unwavering commitment to
building a resilient, sustainable, and forward-looking financial sector. He
highlighted the government’s comprehensive reforms and disciplined fiscal
management, designed to underpin long-term economic stability, growth, and
prosperity for future generations. Central to these efforts is the
implementation of the new Banking Law, which introduces robust governance
standards, enhanced risk management frameworks, and improved depositor
protection, while encouraging innovation and aligning with international best
practices. The launch of a new symbol for the Omani Rial was presented as a
milestone, reinforcing the currency’s identity and global recognition, and
supporting financial innovation and visibility both domestically and
internationally.

The
CBO Governor detailed significant progress in digital and Fintech advancements,
including the rollout of open and digital banking frameworks to enable secure
data sharing and foster new financial products. These initiatives collectively
aim to position Oman at the forefront of digital transformation in banking,
resulting in a robust, resilient, and customer-centric financial ecosystem.
Notably, the CBO Governor highlighted the launch of an electronic system for
Sharia-compliant liquidity management instruments, enhancing efficiency and
transparency within Oman’s Islamic finance sector.

Further,
the meeting outlined major enhancements to national payment infrastructure,
including an upgraded GCC-RTGS system for instantaneous and secure cross-border
transfers within the GCC, significant improvements to ACH enabling banks and
customers to adopt E-mandate as an alternative to cheques, and the introduction
of IBAN to simplify transactions and strengthen anti-fraud measures. The CBO’s
launch of electronic cheque clearing offers faster processing and improved
liquidity management, benefiting both banks and their customers. The
introduction of the domestic “Maal” card system reflects the CBO’s commitment
to modernising payments, driving innovation, and promoting financial inclusion.

The
CBO Governor also highlighted the importance of strategic credit allocation
toward targeted sectors for banks in alignment with Oman Vision 2040. These
steps are intended to foster economic diversification, create employment
opportunities for Omani citizens, and position the financial system as a
catalyst for innovation, entrepreneurship, and inclusive prosperity. Ongoing
regulatory revisions for both conventional and Islamic banking, as well as
upgrades to the national payment system, were also highlighted, with a strong
focus on the digital transformation agenda.

The
meeting featured a series of dedicated topics addressing macroeconomic
indicators, financial landscape, threats, trends and actions 2025, and the
digitalisation of financial services. The importance of industry-wide
cooperation to safeguard Oman’s financial ecosystem was strongly emphasised
throughout.

Additionally,
an awareness programme for university students was organised, introducing them
to the evolving financial landscape, the regulatory functions of the CBO, and
the significance of responsible financing and sound market structure. Further,
launching of “Financial Awareness Competition for students of Schools, Colleges,
and Universities” aiming to enhance the financial literacy among them was also
announced, highlighting the CBO’s dedication to nurturing national talent and
preparing future generations for careers in banking and finance.

—
Ends/Khalid