To: All Licensed Banks Operating in the Sultanate of Oman

After Compliments,

Sub: Master Circular on Submission of Audited Annual Financial Statements by Licensed Banks

1. As Banks are aware, in terms of Article 72(a) of Oman Sultani Decree No. 114/2000, the Banking Law 2000, the Central Bank has powers to establish procedures for submission of annual reports by banks, audited by independent auditors.

2. In terms of Article 74 (repeated) of the Banking Law 2000 and Oman Regulation No. BM/49/3/2004 on Relationship of the Central Bank of Oman with External Auditors, licensed banks are required to ensure that their external auditors meet with Central Bank, by prior appointment after submitting the financial statements for approval.

3. Pursuant to the above provisions, licensed banks shall comply with the requirements specified in this circular, which is issued in super session of Circulars BM 771, BM 913 and BM 966.

   Submission of financial statements for approval