Oman Central Bank Circular No. BM1198/2024

Master Circular on Products and Services of banks

To: All Licensed Banks

Operating in the Sultanate of Oman

Subject: Master Circular on Products and Services of banks

  1. In order to improve the time-to-market for banks to introduce new products and services, promote sound risk management practices in offering of products and to ensure that the products are appropriate and suitable to the needs of the customers, Central Bank of Oman deems it important to provide necessary instructions/guidelines as per the attachment.

  2. The instructions/guidelines, amongst others, provide greater operational freedom to banks in development of new and innovative products, besides eliminating, in most cases, the need for prior approval from the Central Bank of Oman for rolling out new products.

  3. Nonetheless, keeping in view the underlying Shari'a Governance requirements, the existing requirements of Islamic Banking Regulatory Framework to seek the prior approval of Central Bank of Oman for offering Islamic banking products and services will continue to be in force.