Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Wednesday, November 26, 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
NEWS UPDATES
Oman
Fahd stresses coordination in resolving thorny issues
623 Dhofar varsity students graduate
Kids, Swiss artist create ‘caress’ installation
N-Day marked at embassy in Senegal
Oman role in resolving issues commended
Other Top Stories
Russia, Abkhazia partnership deal sparks criticism
Iranian media criticises nuclear talks extension
45 die in Nigeria twin bomb attack
Ferguson burns as jury fails to indict policeman
US lawmakers urge curbs on Iran
India
Kashmiris defy call to boycott election, 70pc cast ballot
Obama visit indicative of robust nature of bilateral ties, says US
6 arrested for stalking, harassing women in car
Delhi expresses concern over rising tensions in E. Jerusalem
Congress irked over airport renaming
Congress irked over airport renaming
Modi skips Buddha over Nepal fears
Close ties with neighbours top priority: Modi
CBI was not allowed to question ex-PM in coal scam, court told
Government gives up plan to privatise 6 airports
Bill moved in Lok Sabha to change CBI chief’s selection procedure
Loose cigarettes’ sale may go up in smoke
Pakistan
Ready for talks but ball in India’s court, says Sharif
Cases of attacks, targeted killings ‘increase’ in KP
Jaang owner awarded 26 years in jail for blasphemy
Man dies of dengue, hepatitis C in Faisalabad
Court seeks AG’s report on implementation of minority rights
Middle East
Secularist Essebsi wins first round of Tunisian elections
Israel, Palestine must step back from brink: Ban
18 die as eight-floor Cairo building collapses
Gulf ministries agree new contracts for domestic staff
Hadi is aiding Houthis: Saleh
Gaza youths say it with graffiti
Asia
Scuffles erupt as HK cops try to clear protest site
S. Lanka poll chief, activists ask police to end violence
China slams Philippines over fines on fishermen
China shows controlled vision for global Internet governance at meet
Manila lifts entry ban on HK scribes
Cash, luxury cars seized in Thai cops’ probe
Business
Topaz to raise $550m loan to fund expansion
US economy grows faster than thought in Q3
US economy grows faster than thought in Q3
Oil hits $78 as S. Arabia-Russia-Venezuela talks go nowhere
Global economy to grow gradually: OECD
Pressure mounts over RBI to cut rate as growth slips
Sony looks to cut TV, smartphone lineup, shift focus to PlayStation
US tells India to toughen patent laws to woo investors
US investors place India on top of emerging market peers as inflows surge
Al Futtaim to invest $700m in Egypt over three years
India inks $1b deal with Nepal to set up 900mw power project
Sports
Oman’s campaign ends on a sad note
Federer, Hewitt in faster format
Hughes felled by bouncer, remains in critical state
Dangers of playing the ‘Gentlemen’s Game’
Clyne late equaliser rescues Saints at Villa
Marathas survive Aces scare to enter CTL final
Vettori to return for key Test against Pakistan
Americas
Anger sweeps Missouri after jury decision
Flournoy, Carter vie for top Pentagon post
Uneasy ties, Syria row led to Hagel ouster
Man released after 36 years over doubt on conviction

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution