We, Haitham bin Tarik, the Sultan of Oman
after perusal of the Basic Statute of the State,
the Law of the Bank Deposit Insurance System promulgated by Royal Decree 9/95,
the Banking Law promulgated by Royal Decree 114/2000,
and after presentation to Majlis Oman,
and in pursuance of public interest,
have decreed as follows
Article I
The provisions of the attached Bank Deposit Protection Law hereby apply.
Article II
All the assets, rights, obligations, and holdings of the Bank Deposit Insurance System stipulated in the aforementioned Law of the Bank Deposit Insurance System promulgated by Royal Decree 9/95 are hereby transferred to the Insurance Fund for the Protection of Deposits with Traditional Licensed Establishments established by virtue of the attached law.
Article III
The Chairman of the Board of Governors of the Central Bank of Oman shall issue the executive regulation of the attached law and the necessary decisions for implementing its provisions, and until they are issued, the existing regulations and decisions continue to operate to the degree that they do not contradict with the provisions of the attached law.
Article IV
The aforementioned Law of the Bank Deposit Insurance System promulgated by Royal Decree 9/95 is hereby repealed, as well as all that is contrary to the attached law, or in conflict with its provisions.
Article V
This decree must be published in the Official Gazette, and comes into force on the day following the date of its publication.
Issued on: 12 Rabi Al-Akhir 1446
Corresponding to: 16 October 2024
Haitham bin Tarik
Sultan of Oman
Note: The attachments to this decree are not available until they are published in the Official Gazette next Sunday.