Financial Institutions
Oman’s banking sector is undergoing its most significant transformation in two decades, driven by regulatory reforms, digitalisation, and the modernisation agenda under Oman Vision 2040.
Oman’s banking sector is in the midst of significant reform following the introduction of the Banking Law of Oman (RD 2/2025), which replaced the 2000 banking statute and introduced enhanced CBO authority, licensing rules, consumer‑protection requirements, digital‑banking supervision and investment‑banking regulation. The Central Bank of Oman has also rolled out key initiatives such as the open‑banking framework, fintech regulations and mandatory IBAN usage for all domestic transfers starting July 2025, aimed at strengthening system stability and accelerating digital transformation.
Parallel to these reforms, Oman’s Islamic banking industry continues to expand under strengthened governance and enhanced tax alignment measures introduced in 2025, including the removal of double taxation on Islamic asset structures, which has reinforced the competitiveness of Sharia‑compliant financing products within the domestic market.
Against this backdrop, clients rely on AMJ for our deep regulatory insight gained from decades of advising Oman’s financial regulators, our full‑service capability across corporate, regulatory, tax and disputes, and our longstanding reputation for guiding institutions through each stage of the sector’s evolution from the introduction of Islamic banking to today’s digital‑finance reforms.
We advise on licensing for conventional, Islamic and digital banks, regulatory approvals, governance compliance, data‑privacy and AML/CFT obligations, as well as product structuring, fintech frameworks, open‑banking API access, e‑KYC systems, crowdfunding, payments and electronic‑money regulation. AMJ also supports financial institutions on mergers and acquisitions, reorganisations, strategic investments, branch restructuring, outsourcing, cloud arrangements and the full range of banking‑operations and product‑development matters, delivering international‑standard, commercially focused legal advice in an increasingly sophisticated regulatory environment.
AMJ’s integrated banking, corporate, regulatory, tax, and employment capabilities enable us to support financial institutions across the full spectrum of their legal and operational needs. This breadth of expertise allows us to deliver seamless, full‑service support to institutions navigating an increasingly sophisticated and demanding banking regulatory environment in Oman and the wider region.