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

Subject: Prohibition on the Holding of Multiple Directorship in the Board of Directors of Locally Incorporated Banks

After Compliments,

Attention of all locally incorporated banks is invited to Article 2 of Oman Central Bank Circular No. BM705/1993 dated October 25, 1993 and to Oman Central Bank Circular No. BM813/1997 dated June 4, 1997, stressing on the need to adhere to the stipulation on the captioned subject in Article 4-6.06(b) of Oman Law No. 7/1974, the Banking Law of 1974.

Banks are hereby informed that the Board of Governors of the Central Bank studied this issue further and has directed that the Specialized Banks and Non-Bank Financial Institutions are exempted from the provisions of the extant Law and the related Circulars.