The Omani banking industry is one of the most vital economic sectors at the heart of daily national life and development.
Just about every individual and organisation in society depends on the sector for access to the world of finance, banking, credit, remittances, savings, deposits and other services of a day-to-day nature.
Now a new book has been launched that provides a scientific look at how the sector has evolved – a valuable reference source to bankers, researchers and students, among others in society.
It documents all of the key developments and events of significance in the Sultanate of Oman’s modern banking era and is thus invaluable to researchers in their studies.
“48 Years in the Service of the Omani Banking Sector” is authored by Hamoud bin Sangour al Zadjali, the former Executive President of the Central Bank of Oman (CBO), who has overseen an important phase in the evolution of the banking sector during his tenure as head of the apex bank.
Addressing banking sector employees – past, present and future – the book underlines the important role they play as sentinels of the 'savings and national wealth', which in turn powers economic and social development.
In the book, the writer recalls his lengthy stint spanning key aspects of the domestic banking industry. The first chapter chronicles the development of the modern Omani currency and the Central Bank of Oman.
Preceding this era was the prevalence of foreign currency, from the ‘black baisa’ to the paper riyal currency – that was in circulation before the advent of modern currency.
As the country did not have its own national currency, the local population depended on the Indian rupee, Maria Theresa dollar and a special series of Gulf Indian rupees alongside the sterling pound as an intervention currency, which remained in circulation in Oman until 1970.
The copper coin "black baisa" is considered the first national coin issued during the reign of Sultan Faisal bin Turki in 1311 AH and was minted in the city of Muscat.
During the past decades, the Sultanate’s of Oman developmental march witnessed major strides, such as the establishment of some foreign banks, the creation of Muscat Monetary Authority in April 1970, followed by the establishment of the Omani Monetary Council in 1972 and finally the founding of the Central Bank of Oman in April 1975, which ushered in a new era of monetary stability in the country.
The book also discusses the objectives and philosophy of CBO and challenges faced to the apex bank in subsequent years.
The chapter covers the services provided by the Central Bank to the banks and financial institutions, and the policies applied with regard to licences and so on.
The writer stresses in his book that the banking sector has emerged as the backbone of the national economy - an institution that depends on professionals to play their role to sustain monetary and financial stability.
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