To: All Licensed Banks operating in the Sultanate of Oman

After Compliments,

Re: Promotional Stalls

1. In pursuance of the Central Bank’s adopted approach of de-regulation and in the light of requests and assurances of diligence from licensed banks, it has since been decided to do away with the relative approval processes with Central Bank and to give discretion for licensed banks to set up promotional stalls themselves.

2. The following are envisaged to be broad guidelines to be followed by licensed banks in this regard:-

   • i) Licensed banks shall evolve appropriate internal policy for setting up Stalls and it should be duly approved by the Board/Controlling Offices.

   • ii) The policy should cover all relevant aspects like commercial and other considerations of justification and discretion for approvals at the operational level (this should be at senior management level and there should be appropriate system of review).

   • iii) The policy should be backed up by systems and procedures to ensure diligence in operationalizing. Coverage should specify requisites like appropriate market survey, staff, IT and other infrastructure required for efficiency, safety, monitoring, audit, control, compliance, risk management and reporting.