MUSCAT: The Central Bank of Oman (CBO) is currently revising the banking law, for which it has been collecting feedback from banks.
This was stated by Tahir bin Salem al Amri, Executive President of the CBO, on the sidelines of a seminar on Islamic banking under the theme ‘Direct Economic Development’.
The CBO is studying a set of consultations regarding the possibility of launching new tools for liquidity management in the Islamic banking sector. A specialised firm has been appointed for this purpose.
In the first stage, these tools will be assessed and agreed upon, while the second stage will be for the implementation, which will include electronic systems and infrastructure.
The process is expected to be completed within six months.
He said the CBO is working to provide all the financial, legislative and procedural tools to empower the banking sector in general and the Islamic banking sector in particular taking into consideration the speciality of the sector in the banking system.
Islamic banking, which accounts for 12 per cent of the banking sector, has recorded an excellent growth in the past and contributed significantly to supporting the national economy, the CEO said.
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