We, Haitham bin Tarik, the Sultan of Oman
after perusal of the Basic Statute of the State,
the Commercial Law promulgated by Royal Decree 55/90,
the Banking Law promulgated by Royal Decree 114/2000,
the Law of Anti-Money Laundering and Counter-Terrorist Financing promulgated by Royal Decree 30/2016,
the National Payments Systems Law promulgated by Royal Decree 8/2018,
the Commercial Companies Law promulgated by Royal Decree 18/2019,
and the Bankruptcy Law promulgated by Royal Decree 53/2019,
and in pursuance of public interest,
have decreed as follows
Article I
The provisions of the attached Banking Law hereby apply.
Article II
The Central Bank of Oman shall issue the regulations, decisions, instructions, and circulars necessary for the implementation of the provisions of the attached law, and until they are issued, the existing regulations, decisions, instructions, and circulars continue to operate to the degree that they do not contradict with the provisions of the attached law.
Article III
Licences, permits, and approvals issued by the Central Bank of Oman before the entry into force of the attached law continue to operate until the expiry of their duration, and their renewal must be in accordance with its provisions. All activities and operations of those to whom such licences, permits, and approvals are issued are subject to the provisions of the attached law and the regulations and instructions of the Central Bank of Oman, and they shall rectify their status in accordance with its provisions within a period of 6 (six) months from the date of its entry into force. The Board of Directors of the Central Bank of Oman may extend it for other periods not exceeding two times.
Article IV
The aforementioned Banking Law promulgated by Royal Decree 114/2000 is hereby repealed, as well as all that is contrary to the attached law, or in conflict with its provisions.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: 1 Rajab 1446
Corresponding to: 1 January 2025
Haitham bin Tarik
Sultan of Oman
Published in Official Gazette 1578 issued on 5 January 2025.
Note: The attachments to this decree will be uploaded shortly.