To: All Locally Incorporated Banks operating in the Sultanate of Oman

Subject

1. Compliance with the Requirements Stipulated in Oman Regulation No. BM/REG/010/11/1975-4-6.03

2. Appointment and Designation of the Line Management of Locally Incorporated Banks

The attention of all concerned banks is invited to the undermentioned caption in the undertaking given by the licensed banks in terms of Oman Regulation No. BM/REG/010/11/1975:

“We further undertake to select, recruit and train Omani citizens, who shall be accorded every opportunity of gaining the experience and qualifications, within or without the Sultanate, which would qualify them within a reasonable space of time to be appointed to management positions within the Sultanate”.

It is observed that during the period elapsed since then, most of the local banks have endeavoured and achieved success either partially or fully in fulfilling these aspirations. The Central Bank of Oman is confident that the local banks will continue sincerely in the direction of filling up the existing gaps and achieving the objectives in its entirety in satisfaction of the aforesaid Regulation.