We, Qaboos bin Said, the Sultan of Oman
after perusal of the Basic Statute of the State issued by Royal Decree 101/96,
the Banking Law 7/74 and its amendments,
and the Law of the Bank Deposit Insurance System issued by Royal Decree 9/95,
and in pursuance of public interest,
have decreed as follows
Article I
The text of the first paragraph of article 7 of the mentioned Law of the Bank Deposit Insurance System is hereby replaced with the following text:
Member banks shall pay an annual insurance premium ranging from 0.1% to 0.5% of the total value of deposits, in accordance with what is stipulated in the regulations or decisions issued by the board of governors. The board may change the value of the premium from one bank to another.
Article II
This decree must be published in the Official Gazette, and comes into force from the date of its issuance.
Issued on: 18 Sha’ban 1421
Corresponding to: 15 November 2000
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 683 issued on 15 November 2000.