Central Bank of Oman (CBO)—regulator of the Sultanate of Oman’s financial services industry—is responsible for maintaining the value of the national currency, as well as ensuring monetary and financial stability in Oman’s deregulated and open financial system.
Previously, CBO relied on a manually intensive, legacy financial system to complete key business processes, such as defining fair value adjustments for Oman’s security market, publishing official daily exchange rates, and scheduling the bank’s daily operations. CBO deployed Oracle E-Business Suite to streamline and automate its financial reporting environment, and realized productivity benefits not only to its reporting system, but also in its procurement, invoice, supplier management, and fixed-asset management systems.
“We chose Oracle E-Business Suite for numerous reasons, including various technical features, such as report automation for balance sheets, income statements, and currency evaluation documentation. It also enabled us to automate exchange rates and fair value adjustments for the Muscat Security Market on a daily basis. Furthermore, we appreciate Oracle E-Business Suite’s user friendliness, its excellent online help facilities, and the fact that we can deal with a single, proven vendor. And, Oracle Premier Support’s quick responses helped us to gain quick buy in for the new environment,” said Mazin Mohamed Abdul Qadir Al Shahwarzi, senior database administrator, Central Bank of Oman.
“Through its partners, Oracle covered the entire spectrum of our implementation needs, including configuration, integration with legacy systems, and problem solving. With Oracle E-Business Suite, we are well prepared to meet the growing needs of the financial sector in Oman,” added Al Shahwarzi.