28 February 2012
MUSCAT -- "Oman Banks Association", the first association of Omani banks came into effect yesterday with Abdul Kader Askalan, CEO of Oman Arab Bank, and Abdul Razak Ali Issa Al Sabbagh, CEO, BankMuscat as Chairman and Vice-Chairman respectively.
Sulaiman al Harthi, GDGM, Consumer Banking, BankMuscat has been elected the Secretary while a ten-member executive body consisting of top executives representing local, specialised and international banks will assist the chairman and the deputy in the day-to-day activities of the association.
The members' panel comprises Douglas Emmett, GM, Oman International Bank, Dr Mohammed Abdulaziz Kalmoor, CEO, Bank Sohar, Abdulaziz al Balushi, CEO, Ahlibank, Salaam al Shaksy, CEO, National Bank of Oman, Adnan bin Haider bin Darwish, GM, Oman Housing Bank, Anthony Mahoney, CEO, BankDhofar, Saad al Jenaibi, CEO, Qatar National Bank, A S Narayan, CEO, State Bank of India (Muscat branch), Ewan Stirling, CEO, HSBC Oman, Ramy Zambarakji, Managing Director, Bank of Beirut (Oman branch).
The high-level body of the first such umbrella for the banks in the country as validated by the apex body -- the Central Bank of Oman- was elected at a meeting of the CEOs and senior executives of the 19 banks in Oman who attended the Founders' Meeting at the Grand Hyatt yesterday. Sahar Askalan, a legal advocacy and consultancy firm in the country has been appointed as the supervisor of the proceedings of the same.
"It's a historic moment in the Omani banks long existence", averred Ganesan Sridhar, General Manager, Commercial Banking Division of BankMuscat.
The Association will position itself as the common platform for the banks operating in the country to represent the collective sentiments while working close with the CBO.
The 10-fold aims of its formation are:
1- Work with the Central Bank and all banks to protect the reputation of the banking sector through the pursuit of full transparency by implementing internal and international banking rules.
2- Closely co-operate with the Central Bank and all banks to highlight the Sultanate of Oman as a regional financial and global centre.
3- Promote the interests of banks in the Sultanate of Oman at both local and international levels.
4- Co-ordinate with the Central Bank and other authorities on matters relating to laws and regulations and banks' policies.
5- Promote best practices for the banking industry.
6- Support and strengthen the training programmes and vocational restructuring in the banking sector.
7- Act as a forum and a means of communication between the member banks and other parties on matters and issues of concern to the banking sector.
8- Develop strategies and initiatives aimed at strengthening the standing and reputation of the Sultanate of Oman in the banking sector at the global level.
9- Strengthen the links between executives in the banking sector through the formation of specialised committees, the membership of stakeholders and specialisation of different banks, and
10-Co-ordinate with the Central Bank and all banks to implement a Code of Best Practice on Consumer Credit and banking fees to ensure this is in the interests of bank customers.
"As the banking sector is moving forward rapidly and as the CBO has consented to such an association and we have been appointed to be the legal firm to take care of the formation, the association came into being", Sahar Askalan, Managing Proprietor of the Sahar Askalan Legal Advocacy and Consultancy firm told the Observer.
All the 56 senior executives of these 19 banks were welcomed by the appointed supervising body and were provided with a brief overview of the formation of the Association. She said it was made possible with the coordination with the Ministry of Social Development and Central Bank of Oman.
MUSCAT -- "Oman Banks Association", the first association of Omani banks came into effect yesterday with Abdul Kader Askalan, CEO of Oman Arab Bank, and Abdul Razak Ali Issa Al Sabbagh, CEO, BankMuscat as Chairman and Vice-Chairman respectively.
Sulaiman al Harthi, GDGM, Consumer Banking, BankMuscat has been elected the Secretary while a ten-member executive body consisting of top executives representing local, specialised and international banks will assist the chairman and the deputy in the day-to-day activities of the association.
The members' panel comprises Douglas Emmett, GM, Oman International Bank, Dr Mohammed Abdulaziz Kalmoor, CEO, Bank Sohar, Abdulaziz al Balushi, CEO, Ahlibank, Salaam al Shaksy, CEO, National Bank of Oman, Adnan bin Haider bin Darwish, GM, Oman Housing Bank, Anthony Mahoney, CEO, BankDhofar, Saad al Jenaibi, CEO, Qatar National Bank, A S Narayan, CEO, State Bank of India (Muscat branch), Ewan Stirling, CEO, HSBC Oman, Ramy Zambarakji, Managing Director, Bank of Beirut (Oman branch).
The high-level body of the first such umbrella for the banks in the country as validated by the apex body -- the Central Bank of Oman- was elected at a meeting of the CEOs and senior executives of the 19 banks in Oman who attended the Founders' Meeting at the Grand Hyatt yesterday. Sahar Askalan, a legal advocacy and consultancy firm in the country has been appointed as the supervisor of the proceedings of the same.
"It's a historic moment in the Omani banks long existence", averred Ganesan Sridhar, General Manager, Commercial Banking Division of BankMuscat.
The Association will position itself as the common platform for the banks operating in the country to represent the collective sentiments while working close with the CBO.
The 10-fold aims of its formation are:
1- Work with the Central Bank and all banks to protect the reputation of the banking sector through the pursuit of full transparency by implementing internal and international banking rules.
2- Closely co-operate with the Central Bank and all banks to highlight the Sultanate of Oman as a regional financial and global centre.
3- Promote the interests of banks in the Sultanate of Oman at both local and international levels.
4- Co-ordinate with the Central Bank and other authorities on matters relating to laws and regulations and banks' policies.
5- Promote best practices for the banking industry.
6- Support and strengthen the training programmes and vocational restructuring in the banking sector.
7- Act as a forum and a means of communication between the member banks and other parties on matters and issues of concern to the banking sector.
8- Develop strategies and initiatives aimed at strengthening the standing and reputation of the Sultanate of Oman in the banking sector at the global level.
9- Strengthen the links between executives in the banking sector through the formation of specialised committees, the membership of stakeholders and specialisation of different banks, and
10-Co-ordinate with the Central Bank and all banks to implement a Code of Best Practice on Consumer Credit and banking fees to ensure this is in the interests of bank customers.
"As the banking sector is moving forward rapidly and as the CBO has consented to such an association and we have been appointed to be the legal firm to take care of the formation, the association came into being", Sahar Askalan, Managing Proprietor of the Sahar Askalan Legal Advocacy and Consultancy firm told the Observer.
All the 56 senior executives of these 19 banks were welcomed by the appointed supervising body and were provided with a brief overview of the formation of the Association. She said it was made possible with the coordination with the Ministry of Social Development and Central Bank of Oman.
© Oman Daily Observer 2012
