Banking & Finance
CBO Allows New Activities for Finance and Leasing Companies
The Central Bank of Oman (CBO) has issued instructions, permitting licensed Finance and Leasing Companies (FLCs) to carry out additional business activities, including relaxing of certain conditions for existing activities.
The scope of lending by FLCs has been expanded to include real estate financing, working capital facilities, personal loans, and lending against their own deposits.
Also, relaxations were extended to FLCs on conditions to accept corporate deposits, and investments including the discretion to change its business hours as per needs of the market.
The CBO added that these amendments aim to broaden the activities of FLCs and help in contributing positively to the development of the sector and the overall economy.
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