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.

In 2006, the Bank won the "Best Bank in Oman 2006" accolade, awarded by The Banker Magazine and Financial Times Business of the United Kingdom. In 2007, the Bank was awarded the "Best Corporate Social Responsibility Award 2007",

 

The Central Bank of Oman hereby announces the new issue of Government development bonds. The size of the new issue is fixed at RO 100 million with a maturity period of 4 years and will carry a coupon rate of 3.25% p.a. The issue will be open for subscription from 24th October to 4th November, 2010 while the auction will be held on Monday, November 8th 2010. The issue /settlement date will be on 11th November, 2010. Interest on the new bonds will be paid on 11th May & 11th November, every year until maturity date on 11th November, 2014.

Investors may apply for these Bonds through the competitive bidding process only. Investors may submit bids through licensed banks operating in the Sultanate of Oman. Investors with applications of R.O One million and above can, if they so wish submit their bids directly to CBO after getting them endorsed from their banks. Prospectus and application forms can be obtained from any licensed bank operating in the Sultanate.

The Bonds are direct and unconditional obligations of the Government of Sultanate of Oman. The Bonds can be used as a collateral security to obtain loans from any local licensed bank.

The Bonds can also be traded at prevailing market rates through the Muscat Securities Market (MSM).
   
The details of the Bonds allotted will be recorded in the register maintained by the Muscat Clearing & Depositary Company. (MCD).

This particular issue of the Government Bonds is offered to all investors of any nationality residing in the Sultanate of Oman only; it is NOT open for subscription to investors residing abroad.

For further details, prospective investors may contact the Central Bank of Oman (Monetary Operations Domain at (24777425/ 426/ 427) or any of the licensed banks in the Sultanate of Oman

The Central Bank of Oman is responsible for maintaining the internal and external value of the national currency. It is also the single integrated regulator of Oman's financial services industry. It is committed to excellence in providing monetary and financial stability and fostering sound and progressive financial sector to achieve sustained economic growth for the benefit of the nation.
The Central Bank of Oman hereby announces the new issue of Government development bonds. The size of the new issue is fixed at RO 100 million with a maturity period of 4 years and will carry a coupon rate of 3.25% p.a. The issue will be open for subscription from 24th October to 4th November, 2010 while the auction will be held on Monday, November 8th 2010. The issue settlement date will be on 11th November, 2010. Interest on the new bonds will be paid on 11th May & 11th November, every year until maturity date on 11th November, 2014.

During the first quarter of 2010, there were early signs of pick up in the deposit growth while the credit growth continued to remain sluggish. Total assets increased by 8.5 percent in March 2010 to RO 14,869.4 million compared to RO 13,698.4 million in March 2009.
The report highlights the developments and improvement in the regulatory and supervisory functions of CBO and contains an analysis of banks performance in the country. The 2009 report also focuses on the future strategy of regulations and supervision, while shedding light on the development of the banking sector in the Sultanate and the evolution of regulatory and supervisory framework in the Central Bank of Oman.
Central Bank of Oman has decided to stipulate maximum bank charges effective from 1st June 2010, in super session of Circular BM 875 dated 20th October 1999. The Central Bank’s decision, as stated in earlier correspondence and in Bankers’ Meeting of 27th April 2010, is in response to increased number of genuine complaints from the bank customers and is intended not to bring uniformity but to provide a benchmark within which banks need to compete healthily. Central Bank pointed out that it has adopted a deregulated approach in general and follows a consultative process. Whenever any quantitative parameters are stipulated, it takes into consideration the underlying factors. Banks, accordingly, were requested not to treat bank charges, insurance premium etc unduly as an extra source of compensation.