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CBO allows new activities for finance and leasing firms

6 Jun 2023 CBO grace period By OUR CORRESPONDENT

Muscat – In a new development, the Central Bank of Oman (CBO) has granted permission for finance and leasing companies to engage in new business activities within the sultanate.

Following a review of the authorised business activities of licensed finance and leasing firms, the CBO on Tuesday issued instructions to allow these companies to expand their scope of operations. This includes the relaxation of certain conditions associated with existing activities.

According to the CBO’s decision, finance and leasing companies are now authorised to engage in additional lending activities such as real estate financing, working capital facilities, personal loans, and lending against their own deposits.

Furthermore, the CBO has extended relaxations to finance and leasing companies regarding their ability to accept corporate deposits and make investments. Additionally, the finance and leasing companies now have the discretion to adjust their business hours based on market demand.

The Central Bank of Oman has emphasised that these amendments are aimed at broadening the activities of finance and leasing firms, thereby fostering positive contributions to the growth of the sector and the overall economy.

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