The Central Bank of Oman (CBO) has allowed commercial banks operating in Oman to sell insurance policies in partnership with any insurance companies in the Sultanate, Gulf News reported, noting that the CBO has stipulated those policies must be sold by the insurance company staff on the banks' premises.
The new CBO move, according to insurance circles, would certainly give a fillip to insurance companies, which have been struggling for survival in the last couple of years. Now the banks can sell general as well as life insurance through their branch network, said the daily.
The financial controller of a leading commercial bank said this would help the banks make extra earnings through the commissions from the insurance companies, mainly from motor and property insurance, where banks play a crucial role by extending loans – Albawaba.com
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