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Omani banks urged to achieve higher nationalisation levels
- Oman: Sunday, April 07 - 2013 at 03:49
Oman's central bank has urged lenders in the country to increase the level of workforce nationalisation, Muscat Daily has reported. "The overall Omanisation level being over 92.5% in many banks, all banks need to strive and reach levels higher than 90%," the central bank said in a circular. Foreign banks may exempt their CEOs/country managers from Omanisation, and those with only one branch shall, also, have the option of having three non-Omani staff, the circular said. It also highlighted some exemptions, including Islamic banks and windows, which will be treated separately and given four years from commencement of business for compliance with the overall ratio of 90%.
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