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This is only the index of the Banking Law. 

If you would like to obtain a copy of the full Banking Law booklet please click "Banking Law"
 

TABLE OF CONTENTS

 
TITLE ONE:
GENERAL PROVISIONS
TITLE TWO: 
CENTRAL BANK OF OMAN
TITLE THREE:
CURRENCY
TITLE FOUR:
REGULATION OF BANKING
TITLE FIVE: BANK DEPOSITS AND COLLECTIONS

TITLE ONE:        GENERAL PROVISIONS


ARTICLE 1        OBJECTIVES
ARTICLE 2        RULES OF INTERPRETATION
ARTICLE 3        APPLICATION OF GENERAL PRINCIPLES OF LAW
ARTICLE 4        SETTLEMENT OF CLAIMS
ARTICLE 5        DEFINED TERMS

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TITLE TWO :        CENTRAL BANK OF OMAN


CHAPTER ONE:    INFORMATION

ARTICLE 6        JURISTIC PERSONALITY                   
ARTICLE 7        OFFICES                       
ARTICLE 8        THE BOARD OF GOVERNORS           
ARTICLE 9        QUALIFICATIONS OF GOVERNORS       
ARTICLE 10       CONFLICT OF INTEREST               
ARTICLE 11      TERMS OF OFFICE AND REMUNERATION   
ARTICLE 12       RESIGNATION                   
ARTICLE 13       REMOVAL                       
ARTICLE 14       POWERS                       
ARTICLE 15       RESIDUAL POWERS               
ARTICLE 16       MEETINGS OF THE BOARD           
ARTICLE 17       REPORTS                       
ARTICLE 18       ANNUAL BUDGET AND AUDITS           
ARTICLE 19       EMERGENCY PROVISIONS           
ARTICLE 20       ACTS OF OFFICERS                   
ARTICLE 21       OFFICERS AND EMPLOYEES OF THE CENTRAL BANK                   
ARTICLE 22       LIABILITY OF GOVERNORS, OFFICIALS AND OTHER EMPLOYEES        
ARTICLE 23       EFFECTIVENESS OF REGULATIONS       
ARTICLE 24       DECLARATION OF CONFIDENTIALITY       
ARTICLE 25       BONDING                       

CHAPTER TWO:    FUNCTIONS OF THE CENTRAL BANK

                                       
ARTICLE 26        OFFICIAL BANK OF THE GOVERNMENT   
ARTICLE 27        DEPOSITORY FUNCTIONS           
ARTICLE 28        INVESTMENT AND CREDIT FUNCTIONS   
ARTICLE 29        CURRENCY AND CLEARING HOUSE FUNCTIONS                       
ARTICLE 30        RESIDUAL FUNCTIONS               

CHAPTER THREE:        ASSETS AND CAPITAL OF THE CENTRAL BANK


ARTICLE 31        LEVEL OF EXTERNAL RESERVES       
ARTICLE 32        CATEGORIES OF EXTERNAL ASSETS       
ARTICLE 33        CAPITAL                       
ARTICLE 34        GENERAL RESERVE FUND           
ARTICLE 35        DEFICIENCIES IN GENERAL RESERVE FUND                           
ARTICLE 36        INVESTMENT OF GENERAL RESERVE FUND                           
ARTICLE 37        ADDITIONAL RESERVES               
ARTICLE 38        ACCOUNTING                   
ARTICLE 39        CURRENCY AND BONDS VALUATION ADJUSTMENTS

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TITLE THREE:    CURRENCY


ARTICLE 40            CURRENCY UNIT                
ARTICLE 41            PARITY                    
ARTICLE 42            DENOMINATION                
ARTICLE 43            RIGHT OF ISSUE                
ARTICLE 44            PRINTING OF NOTES AND MINTING OF Currency                    
ARTICLE 45            LEGAL TENDER                
ARTICLE 46            SPECIAL ISSUES                
ARTICLE 47            LOST OR IMPERFECT CURRENCY NOTES AND Currency                
ARTICLE 48            CURRENCY IN CIRCULATION
 

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TITLE FOUR:        REGULATION OF BANKING
 

CHAPTER ONE:    GENERAL PROVISIONS
 

ARTICLE 49        SCOPE AND PURPOSE           
ARTICLE 50        USE OF WORDS BANK OR BANKING       
ARTICLE 51        BANKING HOURS                   


CHAPTER TWO:    LICENSING OF BANKS AND BRANCH AUTHORIZATION

ARTICLE 52        LICENSING REQUIREMENTS           
ARTICLE 53        APPLICATIONS FOR BANKING LICENSES   
ARTICLE 54        REVIEW AND APPROVAL OF LICENSE       
ARTICLE 55        COMMENCEMENT OF BANKING ACTIVITIES                       
ARTICLE 56        BRANCHES OF BANKS               
ARTICLE 57        REORGANIZATION AND CHANGE IN 
                             CONTROL OF LICENSED BANKS               
ARTICLE 58        APPLICATION FOR RECONSIDERATION   
ARTICLE 59        APPLICATION AND LICENSE FEES           


CHAPTER THREE:        FINANCIAL REQUIREMENTS OF LICENSED BANKS

ARTICLE 60        INITIAL CAPITAL                   
ARTICLE 61        CAPITAL DEPOSITS               
ARTICLE 62        RESERVES AGAINST DEPOSITS           
ARTICLE 63        RESERVES FOR THE PROTECTION OF DEPOSITORS                   


CHAPTER FOUR:        POWERS OF LICENSED BANKS

ARTICLE 64        AUTHORIZATION AND DISCLOSURE OF BANKING ACTIVITIES            
ARTICLE 65        GENERAL CREDIT AND INVESTMENT POWERS   
ARTICLE 66        POWERS RELATED TO REAL AND PERSONAL
                       PROPERTY AND SECURED TRANSACTIONS           
ARTICLE 67        FIDUCIARY POWERS               
ARTICLE 68        BORROWING AND LENDING LIMITATION OF LICENSED BANKS
ARTICLE 69        LENDING RATIO                   
ARTICLE 70        CONFIDENTIALITY OF BANKING TRANSACTIONS                   
ARTICLE 71        FREEDOM OF BANKING RELATIONSHIPS   


CHAPTER FIVE:    BANK REPORTS AND EXAMINATIONS

ARTICLE 72        REPORTS BY LICENSED BANKS           
ARTICLE 73        BANK EXAMINATIONS               
ARTICLE 74        FAILURE TO SUBMIT REPORTS           


CHAPTER SIX:    OBLIGATIONS OF BANK PERSONNEL
 

ARTICLE 75        DUTY OF CARE OF DIRECTORS, OFFICERS, MANAGERS
                       AND EMPLOYEES               
ARTICLE 76        ACTS OF OFFICERS AND EMPLOYEES       
ARTICLE 77        OFFICERS, MANAGERS AND EMPLOYEES OF LICENSED BANKS
ARTICLE 78        BONDING                       
ARTICLE 79        REPORTS BY DIRECTORS, OFFICERS, MANAGERS AND
                       EMPLOYEES OF LICENSED BANKS                       
ARTICLE 80        RESTRICTIONS ON DIRECTORS, OFFICERS, MANAGERS
                       AND EMPLOYEES OF LICENSED BANKS                       
ARTICLE 81        RESIDUAL RULES GOVERNING DIRECTORS,
                       OFFICERS, MANAGERS AND SHAREHOLDERS   


CHAPTER SEVEN :  DISSOLUTION, LIQUIDATION AND TERMINATION OF BANKS

ARTICLE 82        VOLUNTARY DISSOLUTION AND LIQUIDATION OF BANKS
ARTICLE 83       ADMINISTRATION OF BANKS AND INVOLUNTARY DISSOLUTION AND LIQUIDATION OF BANKS.                       
ARTICLE 84        NOTICE TO DEPOSITORS AND CLAIMANTS   
ARTICLE 85        TRUST AND OTHER FUNDS HELD IN A FIDUCIARY CAPACITY
ARTICLE 86        EXPENSES OF ADMINISTRATION       
ARTICLE 87        PRIORITY OF PAYMENT OF CLAIMS       
ARTICLE 88        TERMINATION OF SUSPENSION           
ARTICLE 89        DUTY OF CARE AND BONDING OF ADMINISTRATOR   

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TITLE FIVE:    BANK DEPOSITS AND COLLECTIONS

 

CHAPTER ONE:    GENERAL PROVISIONS

ARTICLE 90        PURPOSE                       
ARTICLE 91        STANDARD OF CARE: EFFECT OF VARIATION BY AGREEMENT
                       BETWEEN PARTIES                       
ARTICLE 92        SIGNATURE REQUIREMENTS AND PRESUMPTIONS RELATED TO SIGNATURES
ARTICLE 93        ENFORCEABILITY OF INSTRUMENTS PAYABLE WITH WORDS OF
                       DESCRIPTION TO TWO OR MORE PERSONS
ARTICLE 94        STATUS OF SEPARATE OFFICES OR BRANCHES OF BANKS ON
                       COMPUTING TIME               
 

CHAPTER TWO:   COLLECTION OF ITEMS

PART A - DEPOSITING AND COLLECTING BANKS
 

ARTICLE 95        AGENCY STATUS                   
ARTICLE 96        RESPONSIBILITIES OF A COLLECTING BANK                           
ARTICLE 97        ESTABLISHMENT OF METHODS FOR SENDING AND PRESENTING
ARTICLE 98        RIGHT OF BANKS TO SUPPLY MISSING ENDORSEMENTS                   
ARTICLE 99        PRESUMPTIONS RELATED TO SUCCESSIVE ENDORSEMENTS
ARTICLE 100      WARRANTIES MADE BY A CUSTOMER AND COLLECTING BANK
                       DURING THE TRANSFER OR PRESENTMENT OF ITEMS.          
ARTICLE 101      SECURITY INTEREST OF A BANK           
ARTICLE 102      APPROVED REMITTANCES AND EFFECTIVENESS OF PROVISIONAL
                       AND FINAL SETTLEMENTS IN REMITTANCE TRANSFERS                       
ARTICLE 103      RIGHT OF CHARGE -BACK AND REFUND   
ARTICLE 104      REQUIREMENTS FOR FINAL PAYMENT, FINAL DEBITS AND CREDITS
                       AND WITHDRAWAL OF CREDITS           
ARTICLE 105      ORDER OF PAYMENT AND PREFERENCE ON INSOLVENCY OF A BANK           


PART B - PAY OR BANK
 

ARTICLE 106       LEGAL EFFECT AND RESPONSIBILITY FOR DEFERRED POSTING OR DELAYED RETURN 
                      
ARTICLE 107      TERMINATION OF RIGHT TO SUSPEND OR REVOKE PAYMENT

ARTICLE 108      RIGHTS AND OBLIGATIONS RELATED TO INTERNATIONAL SIGHT DRAFT
           

 

 

PART  C - LIABILITY OF PAYOR BANK TO ITS CUSTOMER


ARTICLE 109      RIGHT OF BANK TO CHARGE A CUSTOMER’S ACCOUNT 
              
ARTICLE 110      LIABILITY OF A BANK TO A CUSTOMER FOR WRONGFUL DISHONOR
           
ARTICLE 111      RIGHT OF A CUSTOMER TO STOP PAYMENT
                       
ARTICLE 112      LIABILITY OF A BANK IN RELATION TO CERTIFIED CHECKS

ARTICLE 113      OBLIGATION TO PAY OUT-OF-DATE CHECKS 
                      
ARTICLE 114      OBLIGATION OF BANK TO PAY SUBSEQUENT TO DEATH OR IN-COMPETENCE OF CUSTOMER.  
         
ARTICLE 115     DUTY OF A CUSTOMER TO DISCOVER AND REPORT  UNAUTHORIZED SIGNATURES OR  ALTERATIONS OF ITEMS. 
 
ARTICLE 116      RIGHT OF PAYOR BANK TO SUBROGA-TION SUBSEQUENT TO ANY 
                       IMPROPER PAYMENTS                       

PART D - COLLECTION OF DOCUMENTARY DRAFTS

ARTICLE 117      PROCESSING DOCUMENTARY DRAFTS   
 


CHAPTER THREE:    TIME DEPOSITS

ARTICLE 11
 

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