1.1 Scope of Coverage

• 1.1.1 These licensing rules and guidance apply to full-fledged domestic Islamic banks, Islamic banking branches, in Oman, of foreign banks and Islamic Windows of domestic conventional banks, all together called “Licensees” hereunder and regulated and supervised by the Central Bank of Oman (Central Bank).

• 1.1.2 Islamic Windows will take the form of a branch or cluster of branches.

1.2 General Requirements

• 1.2.1 Persons wishing to be licensed to undertake Islamic banking business, as authorised hereunder, within or from the Sultanate of Oman (Oman or Sultanate), must apply in writing to the Central Bank.

• 1.2.2 Each Licensee shall display the respective licenses at all times in a conspicuous place in all its offices.

1.3 General Prohibitions

• 1.3.1 No person shall engage in authorized banking business in the Sultanate unless such a person has been granted a license, as under, by the Central Bank provided, however, that institutions other than Licensees may engage in authorised banking business except accepting deposits and managing investment accounts, subject to those institutions being authorised and regulated pursuant to the laws of the Sultanate by a recognised regulator.*^[1]