Banking Executive / Expert (Regulation)

Central Bank of Oman; Ruwi; On-site; OMR 18,000 - 32,000; Full time

Job summary

Central Bank of Oman is recruiting a Banking Executive/Expert to discharge regulatory and supervisory duties under Banking Law and the National Payment System Law. You will formulate regulations, review existing laws, and guide financial institutions to maintain a sound banking sector.

The role requires extensive experience in banking regulation, collaboration with international bodies, and the development of policy for secure payment systems and financial inclusion.

Qualifications

• A Graduate / Post Graduate degree in Economics, Commerce or professional qualifications in Accounting or Finance.
• Additional professional qualifications in banking and finance from an accredited institution.
• 10 years of relevant experience in banking/regulatory/supervisory roles.

Responsibilities

• Discharge regulatory and supervisory responsibilities under Banking Law and National Payment System Law.
• Formulate, review and amend banking regulations to align with international best practices.
• Oversee licensing, prudential limits, capital and reserve requirements for financial institutions.
• Coordinate with international bodies (IMF, World Bank, BCBS) and domestic authorities on standards.
• Prepare studies on financial inclusion, market development and fintech regulations.
• Provide guidance to licensed banks, non-banks and payment service providers.
• Draft regulatory instructions, circular letters and policy documents.

Education

Graduate / Post Graduate degree in Economics, Commerce

Additional professional qualifications in banking and finance

Job description

Central Bank of Oman is seeking to recruit competent, committed, self-motivated and enthusiastic candidate to work as Banking Executive / Expert

Overall, Purpose of the Position:

Responsible for assisting in discharging regulatory and supervisory role of the Central Bank of Oman under the Banking Law, National Payment System Law and other relevant laws and regulations.

Key Duties and Tasks:

• Formulating and reviewing of the rules & regulations, including recommendations for amending the Banking Law and National Payment System Law as and when necessary and in line with best international practices
• Reviewing laws pertaining to Finance & Leasing Companies, Money Exchange Establishments and Payment System Providers as well as the issuance of regulatory instructions circular letters
• Undertaking initiatives for further development of a sound, integrated and innovative banking and financial sector.
• Developing suitable policies & regulations for an efficient, safe and secured payment and settlement systems and growth of 'Payment Service Providers'.
• Formulating policies pertaining to conventional banking sector and non-banking financial institutions, in line with best international practices (e.g. Capital requirements, Licensing, Reserve requirements, Interest Rates, Capital Deposits, all Prudential Limits, etc.).
• Aligning regulatory framework with international standards for conventional banking such as those issued by BCBS (BASEL), IFRS, FSB and others.
• Coordinating the implementation of CBO's strategies and Financial Sector Development Plans and initiatives.
• Preparing studies/ researches pertaining to improvement of financial inclusion, development of priority sectors and promoting sustainable finance practices.
• Maintaining liaison with relevant government agencies, domestic, regional and international bodies in connection with and for the purpose of discharging their responsibilities.
• Providing feedback to domestic, regional and international standard setting bodies on draft standards, technical notes and working papers.
• Preparing, reviewing and updating Fintech and new age-related Regulations in Liaison with other relevant stakeholders and the market.
• Collaboration with international and regional organizations such as IMF, World Bank, Arab Monetary Fund, GCC Secretariat for the development of the banking and financial sector.
• Drafting detailed briefing for the executive management and participation in international meetings organized by FSB, IMF, World Bank, GCC Central Banks, AMF and others international standard setting bodies.
• Aligning regulatory framework with International tax requirements such as US Foreign Account Tax Compliance Act (FATCA), EU Common Reporting Standard (CRS) etc.
• Evaluating and formulating regulatory measures in response to market dynamics.
• Providing training and assistance to peer employees were deemed necessary.
• Joint studies on Banking / Non-banks and areas of interest in the financial sector.
• Conduct feasibility studies on establishment of new banking/non-banking institutions, viability, potential risks, and prospective financial outcomes.
• Evaluating the requests for establishment of new commercial banks including Islamic Banking Entities, specialized banks, Finance and Leasing Companies, Money Exchange Establishments, Payment Service Providers and other related financial institutions.
• Evaluating requests for establishment of overseas branches & representative offices.
• Processing of proposals from banks and non-banks for establishment of new branches and other outlets.
• Assessing the requests of licensed banks for undertaking Investment Banking Activities.
• Assessing and delivering detailed reports to the Executive Management on matters arising from reconstitution (change in shareholding), merger, consolidation, takeover, liquidation and dissolution of banks and non-banks.
• Providing operational oversight assistance on review and compliance of banking-related issues.
• Reviewing of existing policies, systems, processes & procedures from regulatory perspective.
• Correspondence with licensed financial institutions on matters related to their activities, processing their queries for response and providing necessary guidance, whenever required.
• Preparing inputs for other relevant Departments e.g. Examination of licensed institutions, participation in exit meeting of Examination and participation in rating panel meetings.
• Joint studies on Banking / Non-banks and areas of interest related to the financial sector.

Minimum Qualification:

A Graduate / Post Graduate degree in Economics, Commerce or professional qualifications in Accounting or Finance.

Desirable Qualifications:

Additional professional qualifications in banking and finance from an accredited institution.

Minimum Experience:

10 years of relevant experience of banking/related field and regulatory/supervisory aspects.