To: All Banks Operating in the Sultanate of Oman

Subject: Appointment / Renewal of Contract of Senior Management of Banks.

1. The attention of all banks is drawn to Article 1 of Oman Regulation No. BM/REG/010/11/1975 – 4-6.03 which requires all banks to lodge an undertaking with the Central Bank of Oman acknowledging, among other things, their responsibility for the appointment of officials to management, whose experience and qualifications are of internationally acceptable standards and are compatible with the level of responsibility and authority accorded to and exercised by such officials within the Sultanate.

2. Pursuant to the above regulation and in order to ensure that all senior management positions in banks in the Sultanate are held by personnel possessing the attributes referred to in Article 1 of the said regulation, the Board of Governors of the Central Bank of Oman has decided that all banks shall obtain the prior approval of the Central Bank of Oman for the appointment and renewal of contracts of all senior management in banks. For purposes of this Circular, senior management shall mean the following: