The commercial banks of Oman have not shown signs of initiating Internet banking in the Sultanate. According to a recent report by the Oman Observer, although the Central Bank of Oman (CBO) has been monitoring the latest developments in electronic banking and electronic monetary activities, it has not yet received any requests for the implementing of such up-to-date technologies from local commercial banks. Since 1974, CBO has been responsible for approving any plans introduced by the local banks.
The Executive President of CBO, Hamood Sangour al Zadjali, told the Oman Observer that four local commercial banks have already begun the trading of government development bonds, which certainly reflects a step in the right direction.
The penetration of information technology into all aspects of life has created new challenges and demands on the part of local customers, thus, making it necessary for all sectors, banking included, to adjust itself to the ever-changing reality and implement the required technologies and services. –(Albawaba-MEBG)