Banking Executive / Expert

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

Purpose:

Responsible for assisting Manager SDD in discharging regulatory and supervisory role of the Central Bank of Oman under the Banking Law and National Payment System Law.

Key Duties and Tasks:

1. Formulating and review the rules and regulations, including recommendations for amending the Banking Law and National Payment System Law as and when necessary and in line with best international practices.
2. Prepare, review and update Banking Regulations, instructions & guidelines as well as issue Circulars and Circular Letters to Banks.
3. Review laws pertaining to Finance & Leasing Companies, Money Exchange Establishments and Payment System Providers as well as the issuance of Circulars and Circular Letters
4. Undertaking initiatives for further development of a sound, integrated and innovative banking and financial sector.
5. Developing suitable policies and regulations for an efficient, safe and secure payment and settlement systems and growth of ‘Payment Service Providers’.
6. Formulate policy approaches for conventional banking sector and non-banking, in line with best international practices (e.g., Capital requirements, Licensing, Reserve requirements, Interest Rates, Capital Deposits, all prudential limits, etc.)
7. Align regulatory framework with international standards for conventional banking such as those issued by BCBS (BASEL), IFRS, FSB and others.
8. Coordinating the implementation of CBO strategy and Financial Sector Development Plan.
9. Preparing studies and coordinate activities for improving financial inclusion, development of priority sectors and promoting sustainable finance practices.
10. Maintaining liaison with relevant Government agencies and, domestic, regional and international bodies in connection with and for the purpose of discharging its responsibilities
11. Providing feedback to domestic, regional and international standard setting bodies on draft standards, technical notes and working papers.
12. Prepare, review and update fintech and new age-related Regulations in Liaison with other relevant stakeholders and the market.
13. Collaborate with international and regional organizations such as IMF, World Bank, Arab Monetary Fund, GCC Secretariat for the development of banking and financial sector.
14. Draft detailed briefing for the management participation in international meetings organized by FSB, IMF, World Bank, GCC Central Banks, AMF and others
15. Align regulatory framework with international tax requirements such as US Foreign Account Tax Compliance Act (FATCA) & EU Common Reporting Standard (CRS)
16. Evaluating and formulating regulatory measures in response to market dynamics
17. Providing training and assistance to peer employees were deemed necessary Joint studies on Banking / Non-banks and areas of interest in the financial sector.
18. Any other role relating to the operations of the Sector Development Department, as assigned by CBO Management.

Knowledge Requirements:

Sound knowledge in banking sector with specific exposure to regulation and supervision of financial institutions.

Major Competencies:

Familiarity with ongoing developments in the economic, accounting, regulatory and legal aspects impacting the banking and financial sector.

Minimum Qualifications:

degree in Economics, Commerce or professional qualifications in Accounting or Finance.

Minimum Experience:

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

Please Submit your application before 10th January 2025.