We, Qaboos bin Said, the Sultan of Oman
after perusal of Royal Decree 26/75 Issuing the Law Governing the Administrative Apparatus of the State and its amendments,
the Banking Law 7/74 and its amendments,
and in pursuance of public interest,
have decreed as follows
Article I
Paragraph (b) of article 4-05, 4 of the Banking Law of 1974 is hereby amended in its entirety to read as follows:
The total direct or potential obligation of any person other than the Government of the Sultanate towards any licensed bank must not exceed 15% (fifteen percent) of the net value of that licensed bank.
The total direct or potential liability of any member of the board of directors or the general manager must not exceed 10% (ten percent), provided that the total borrowing of all members of the board of directors and the general manager does not exceed 35% (thirty-five percent) of the net value of that bank or any other limit determined by the board of governors of the Central Bank of Oman.
Article II
This decree must be published in the Official Gazette, and comes into force from the date of its publication.
Issued on: 6 Dhu Al-Hijja 1411
Corresponding to: 19 June 1991
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 458 issued on 1 July 1991.