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Tuesday, October 21, 2014  

Sultanate’s banking system sound: CBO
MUSCAT The banking system in the Sultanate has witnessed substantial growth last year as assets of banks reached 18.2 billion rials as against 15.4 billion rials in the previous year, said HE Hamoud Bin Sangour Al Zadjali, Executive President of the Central Bank of Oman (CBO) at the annual bankers meeting that was held at the CBO headquarters on Tuesday.

Total credit of banks stood at 12.2 billion rials at the end of 2011 compared with 10.4 billion rials in 2010 and total deposit stood at 13 billion rials in 2011 compared to 10.6 billion rials in the previous year, he said.

He said that the introduction of Islamic banking will diversify and increase the volume of banking services in the Sultanate. Omani banks are ready to start the service as banks are developing and modernising their systems to provide the services in compliance with Islamic Sharia. It is expected
that more capital will
flow into the economy after the establishment of Islamic banking, he added.

The CBO has been following up the commercial banks compliance with the standards of capital allocation under Basel II norms. The central bank has drawn a roadmap for implementing the Basel III. All relevant regulations for Basel III will be in place by the end of December 2012 and it will be implemented in 2013, Zadjali said.

He said all banks in the Sultanate will not face any difficulties in meeting Basel III requirements regarding capital allocation and required credit, he added.

CBO chief said that everybody’s interest should be considered when it comes to personal loans and everybody should be made aware of the negative impact of over lending.

Banks also should bring awareness about banking deposit insurance, he added.

Zadjali also sought cooperation between CBO and bankers to find out solutions to issues facing the banking sector.

The meeting discussed issues to strengthen the banking sector in the Sultanate and its importance in supporting small and medium enterprises and at the same time and attracting more Omanis to this sector.

Oman News Agency
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