Oman Central Bank Circular No. BM1167/2019

To: All Licensed Banks

Operating in the Sultanate of Oman

After Compliments,

Subject: Master Circular -Promotional Campaigns/Competitions/Merchant Discount Schemes/Loyalty Programmes of Banks

Annexure - Promotional Campaigns/Competitions/Merchant Discount Schemes/Loyalty Programmes of Banks - Instructions

I - General Conditions

  • (i) Banks should have Board-approved policy on promotional campaigns, competitions, merchant discount schemes and loyalty programmes.

  • (ii) Requisite due diligence, transparency, disclosures, audit, control and periodical reviews, at the minimum on annual basis, should be ensured.

  • (iii) Utmost care should be taken to ensure that the public/customers are not misled in any manner by the contents of communications.

  • (iv) Products offered should be suited to the targeted market segment and there should be no mis-selling.

  • (v) Needed policies, procedures, agreements should be in place to ensure protection and confidentiality of customers' data/information obtained through various interactions, including social media, in accordance with the Banking Law requirements. Customers' privacy should not be compromised in any manner.