Muscat: On Tuesday, the State Council convened to discuss the draft law on the protection of bank deposits, which was referred to them by the Council of Ministers.
During his speech, Sheikh Abdulmalik bin Abdullah Al Khalili, the Chairman of the State Council, highlighted the purpose of the session. He stated that it aimed to address the draft law on the protection of bank deposits in accordance with Article 49 of the Law of the Council of Oman. Additionally, the session aimed to update the members on various issues related to the activities of the State Council.
Expressing his appreciation for the efforts of the members, the chairman emphasized the significance of the draft law on the protection of bank deposits. He stated that it plays a crucial role in instilling confidence in the banking system and enhancing fiscal stability. Furthermore, he highlighted that the draft law is an integral part of the financial security network and provides necessary protection to deposit holders.
The chairman also mentioned that the draft law on bank deposits is designed to align with the amendments made to the Banking Law through Royal Decree No. 114/2000. It consists of 31 articles and serves as an update to the Law of the Bank Deposit Insurance Systems, which was amended by Royal Decree No. 70/2010.
The third session of the first annual convening of the eighth term was attended by the members of the State Council, as well as the Secretary General.
