Oman Housing Bank

The banking sector is an important factor in maintaining financial equilibrium and economic stability. The Omani banking sector, which comprises the Central Bank of Oman (CBO) and various commercial and specialised banks operating in the Sultanate, is stable, highly efficient and able to respond to regional and international developments, including the growing trend towards freeing up financial services within the framework of the World Trade Organisation (WTO).

The Central Bank of Oman is responsible for maintaining the stability of the national currency the Omani Rial (RO) and ensuring monetary and financial stability in a deregulated and open financial system. The capital base of the CBO which was one million Omani Rials at the commencement of operations in 1975.

The Omani banking system has experienced several mergers and as a result commercial banks which are locally incorporated and eight are branches of foreign banks.As at the end of 2005, there were also three specialised banks in operation, The Oman Housing Bank (OHB), The Oman Development Bank (ODB), Alliance Housing Bank (AHB).

The banking sector is a model of successful Omanisation. The College of Banking and Financial Studies plays a vital role in preparing nationals for banking careers.

The Specialist banks were set up to support national development efforts in specific fields such as housing, industry, agriculture and fisheries. Currently there are three specialist banks. Two - the Oman Housing Bank and the Oman Development Bank - are government banks, while the third - the Alliance Housing Bank - is privately owned. The three banks operate through number of branches in various parts of the country.