Emergence and Development of the Bank
Oman Housing Bank (SAOC) was established on 11.07.1977 as an Omani stock company by virtue of the Royal Decree No. 51/77 with a capital of RO. 10 million, as successor of Oman National Housing Development Co., which had been involved in housing financing in Oman since 1974. The founders at that time were the government of the Sultanate of Oman (51%) and the government of the State of Kuwait (39%) and the British Bank for the Middle East (10%). In 1980 BBME sold its shares to the government of Oman and Oman Development Bank thereby making the government`s share in the capital (60.9%) and ODB`s share (0.1%). In view of the tangible development in the lending activity, the bank`s capital was increased by RO. 10 million during 1982 and RO. 10 million during 1986, thereby making the bank`s authorized and paid up capital RO. 30 million in order to meet the increasing requirements of the citizens. In 1992, the bank`s capital had been fully omanized when certain pension funds operating in Oman purchased the stake of the state of Kuwait; hence all shareholders have become Omanis.
- Ministry of Finance (61%).
- MOD Pension Fund (6.5%).
- RGO Pension Fund (6.5%).
- Internal Security Pension Fund (6.5%).
- ROP Pension Fund (6.5%).
- Civil Service Employees Pension Fund (CSEPF) (6.5%).
- Public Authority for Social Insurance (6.5%).