Latest news with #RoyalDecreeNo.47
Muscat Daily
09-07-2025
- Business
- Muscat Daily
State Council discusses draft laws and income diversification study
Muscat – The State Council convened on Tuesday for its eighth session of the second ordinary term of the eighth period, during which it reviewed several key legislative proposals and strategic studies aimed at enhancing Oman's legal and economic frameworks. The session, chaired by H.E. Sheikh Abdulmalik Abdullah Al Khalili, Chairman of the State Council, discussed the Real Estate Registry Law, the Draft Law Amending Certain Provisions of the Arbitration Law in Civil and Commercial Disputes (Royal Decree No. 47/97), and the Civil Society Organisations Law. The Council examined the opinion of the Legal Committee regarding the Real Estate Registry Law, as referred by the Council of Ministers. The proposed legislation aims to strengthen legal safeguards for property owners and beneficiaries, simplify property registration procedures and real estate transactions, and introduce digital documentation, including electronic title deeds integrated with government systems. These measures are aligned with the sultanate's national digital transformation strategy. The session also considered the opinion of the Social and Cultural Committee on the Civil Society Organisations Law. The draft law provides a comprehensive framework for the regulation and operation of civil society entities, including associations, non-governmental organisations (NGOs), professional societies, volunteer groups, and expatriate clubs. It aims to enhance their role in community development while addressing regulatory challenges posed by the current legal framework. Additionally, the Council reviewed proposed amendments to the Arbitration Law in Civil and Commercial Disputes. The changes are intended to align national legislation with international standards in arbitration, thereby improving the credibility and efficiency of dispute resolution mechanisms. The amendments are expected to boost investor confidence and support Oman's aspirations to become a regional centre for commercial arbitration, in line with Oman Vision 2040. Beyond legislative matters, the Council reviewed a study conducted by the Special Committee on Mechanisms for Diversifying Income Sources in Oman . The study highlights challenges to fiscal sustainability, pinpoints inefficiencies in current revenue streams, and proposes strategic solutions to enhance economic resilience. It also recommends legislative and governance reforms aligned with the objectives of the 11th Five-Year Development Plan. The session concluded with the presentation of a report by the General Secretariat outlining the Council's recent activities.
Zawya
19-03-2025
- Business
- Zawya
Oman: New banking laws made to meet digital innovation
Muscat: The Royal Decrees related to the formation of a new board of Central Bank of Oman and appointment of its governor are aimed at boosting the legal and regulatory framework for meeting the modern financial system requirements. The Sultanate's banking sector has seen remarkable developments during the past two decades which required comprehensive revision of the legislative systems to keep abreast with the rapid changes in the banking and financial businesses to allow utilisation of the digital innovation and technology for financial and banking services. These developments are reflected in the new banking law in the form of regulation of the banking work and the CBO in two regulations; the first related to the CBO governance as one of the units of the administrative apparatus of the state and the second related to the regulation of the banking work and the financial and non-banking activities. The banking law consists of 241 articles rephrased in accordance with the state-of-the-art legislative methods, which rely on the clarity of the legal text to make easy for the specialised persons and the public understand the texts and their implementation. Chapter 1 of the new banking law deals with the definitions and the general rules/provisions while chapter 2 deals with the responsibilities and the work mechanisms of the CBO including the monetary policy and cash management. Chapter 3 dealt with regulating issuance of the national currency by the CBO. The other chapters of the law tackles the provisions encouraging attraction of local and foreign investments in the banking sector and regulation of the Islamic banking business. They also handle new concepts such as the digital banks and financial technology and other financial services established. The law stresses the significance of protection of the rights of customers and consumers of financial services in the banking sector and other financial activities. The CBO system issued by Royal Decree No. 3/2025 regulates the CBO work and governance by article ( 21 ) which formed the legal framework for regulating the same. The provisions of the CBO system also aims to achieve cash stability and t ensure the safety of the banks and financial institutions along with boosting the role of the CBO in achieving Oman vision for sustainable economic development. The provisions also deals with the CBO prerogatives such as issuance of the national currency, preserving the value of the currency, setting the cash policies, supervising on the licensed financial and banking activities. The law on protection of the banking deposits was issued prior to the above law and system by Royal Decree No. 47/2024. © Muscat Media Group Provided by SyndiGate Media Inc. (
