To: All Licensed Finance & Leasing Companies

Operating in the Sultanate of Oman

After Compliments,

Sub: Omanisation of Personnel in Finance & Leasing Companies

-----------------------------------------------------------------------------

1. Reference is invited to Central Bank of Oman Circular FM 24 dated 11th June 2008 on the above-mentioned subject.

2. The Board of Governors, having reviewed with satisfaction the progress achieved by the licensed Finance and Leasing Companies in achieving the set Omanisation targets and recognizing the need to provide more employment opportunities for Omanis, has since decided to increase the Omanisation ratio requirement in FLCs.

3. All FLCs are, accordingly, required to achieve overall Omanisation ratios of at least 75% and 80% by the end of 2011 and 2012 respectively.

FLCs are required to achieve also the minimum sub-targets of 50% for top and middle management, 95% for clerical and 100% for non-clerical cadres before the end of 2012.