To: All Licensed Banks Operating in the Sultanate of Oman

Subject: Appointment/Renewal of Contract of Senior Management of Banks – “Fit and Proper” Criteria

After Compliments,

1. Attention of licensed banks is invited to Oman Central Bank Circular No. BM652/1992 dated 19 April 1992 and circular letters BA&DD/CBS/CB/2001/417 dated 19 February 2001 and BDD/CBS/CB/2002/4530 dated 31 December 2002 on the standard required for appointment of senior management personnel and need to obtain the prior approval of the Central Bank of Oman for appointment/renewal of their contracts.

2. Pursuant to Article 77 of Oman Sultani Decree No. 2/2025, the Banking Law and Oman Regulation No. BM/REG/ 010/11/197546.03, the Central Bank requires licensed banks to ensure, before seeking the CBO’s approval for appointment of senior management members, that the proposed appointee meets the following “Fit and Proper” Criteria:

   • i) not been convicted for any crime, unless cleared by a judicial authority,

   • ii) not committed an offense involving fraud or other dishonesty or violence,