Thursday 18 / December / 2025
Muscat: The Central Bank of Oman (CBO) today hosted its Annual Meeting with Financial Institutions, uniting industry leaders under the theme “Reimagining Tomorrow”.
Chaired by Ahmed bin Jaafar Al Musalami, Governor of the CBO, the event drew CEOs and senior officials from licensed banks, Finance Leasing Companies (FLCs), Payment Service Providers (PSPs), and the Oman Banks Association (OBA) with Executive management of CBO. The gathering served as a platform to discuss major reforms, strategic initiatives, and the future direction of Oman’s financial sector in line with Oman Vision 2040.
The CBO Governor keynote address reaffirmed the country’s unwavering commitment to building a resilient, sustainable, and forward-looking financial sector. He highlighted the government’s comprehensive reforms and disciplined fiscal management, designed to underpin long-term economic stability, growth, and prosperity for future generations. Central to these efforts is the implementation of the new Banking Law, which introduces robust governance standards, enhanced risk management frameworks, and improved depositor protection, while encouraging innovation and aligning with international best practices. The launch of a new symbol for the Omani Rial was presented as a milestone, reinforcing the currency’s identity and global recognition, and supporting financial innovation and visibility both domestically and internationally.
The CBO Governor detailed significant progress in digital and Fintech advancements, including the rollout of open and digital banking frameworks to enable secure data sharing and foster new financial products. These initiatives collectively aim to position Oman at the forefront of digital transformation in banking, resulting in a robust, resilient, and customer-centric financial ecosystem. Notably, the CBO Governor highlighted the launch of an electronic system for Sharia-compliant liquidity management instruments, enhancing efficiency and transparency within Oman’s Islamic finance sector.
Further, the meeting outlined major enhancements to national payment infrastructure, including an upgraded GCC-RTGS system for instantaneous and secure cross-border transfers within the GCC, significant improvements to ACH enabling banks and customers to adopt E-mandate as an alternative to cheques, and the introduction of IBAN to simplify transactions and strengthen anti-fraud measures. The CBO’s launch of electronic cheque clearing offers faster processing and improved liquidity management, benefiting both banks and their customers. The introduction of the domestic “Maal” card system reflects the CBO’s commitment to modernising payments, driving innovation, and promoting financial inclusion.
The CBO Governor also highlighted the importance of strategic credit allocation toward targeted sectors for banks in alignment with Oman Vision 2040. These steps are intended to foster economic diversification, create employment opportunities for Omani citizens, and position the financial system as a catalyst for innovation, entrepreneurship, and inclusive prosperity. Ongoing regulatory revisions for both conventional and Islamic banking, as well as upgrades to the national payment system, were also highlighted, with a strong focus on the digital transformation agenda.
The meeting featured a series of dedicated topics addressing macroeconomic indicators, financial landscape, threats, trends and actions 2025, and the digitalisation of financial services. The importance of industry-wide cooperation to safeguard Oman’s financial ecosystem was strongly emphasised throughout.
Additionally, an awareness programme for university students was organised, introducing them to the evolving financial landscape, the regulatory functions of the CBO, and the significance of responsible financing and sound market structure. Further, launching of “Financial Awareness Competition for students of Schools, Colleges, and Universities” aiming to enhance the financial literacy among them was also announced, highlighting the CBO’s dedication to nurturing national talent and preparing future generations for careers in banking and finance.
