To: All Licensed Banks Operating in the Sultanate of Oman

Subject: Construction of Own Head Office Buildings

After Compliments,

1. As banks are aware, Oman Central Bank Circular No. BM369/1983 dated March 14, 1983, whilst dealing mainly with the subject of “Depreciation of real estate owned by licensed banks” also stipulates in Article 4 thereof, as per a decision of the Board of Governors, that banks shall not acquire property, in any way, for business purposes in excess of the current needs of the bank unless such excess could be used for the bank’s business within the next three years.

2. The Board of Governors, at the recent meeting, considered the implications of Article 4 of Oman Central Bank Circular No. BM369/1983 in so far as the Head Office building of banks is concerned and with a view to encouraging banks to construct their own Head Office buildings, decided that the provisions of Article 4 shall not apply to Banks’ own Head Office buildings.