Oman Ministerial Decision No. 473/2023 On Determining the Return on Obtaining a Loan or Commercial Debt

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Pursuant to the perusal of the Commercial Companies Law promulgated by Oman Sultani Decree No. 55/1990;

The letter from Oman Chamber of Commerce and Industry; and

Based on the public interest requirements,

The following has been decided:

Article 1

The return on obtaining a commercial loan or debt is set at six percent (6%), unless a lower rate is agreed upon. The Commerce, Industry and Investment Promotion may - in each case separately - agree with Oman Chamber of Commerce and Industry to exceed this percentage, if the duration of the loan is long, or its purpose is related to projects that contribute to achieving economic development, or the degree of risk is high.

Article 2

The provisions of Article 1 of this Decision shall not apply to loans provided by banks, financing companies, and leasing of assets licensed by the Central Bank of Oman.

Article 3

This Decision shall be published in the Official Gazette, and shall be effective from September 3, 2023 until September 4, 2024.

Issued on: 13/02/1445 H.

Corresponding to: 30/08/2023