To: All Licensed Banks Operating in the Sultanate of Oman

After Compliments,

Sub: Master Circular on Financial Obligations of Senior Members in the Management of Banks to any of the Licensed Financial Institutions in the Sultanate of Oman

1. The banks are highly leveraged institutions and are carrying on their business on public confidence. The international best practices require that only persons of highest integrity and moral standards occupy senior positions in banks. The central banks in various jurisdictions, therefore apply strict standards of ‘fit and proper’ criteria for clearing the proposals for appointment of senior level positions in banks and other financial institutions. In the interest of enhancing soundness of the financial system, promoting corporate governance, achieving greater transparency and to reinforce the ‘fit and proper’ criteria for senior positions in banks, the following instructions, in supersession of the provisions contained in circulars BM 928 and BM 951, have been issued for strict compliance.