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This paper examines the role of the banking sector in Omanization (employment of national cadre in the work place). The main objective was to determine corporate Omanization policies and practices along with the influence of other related factors that have contributed to the successful achievement of Omanization targets set by the Central Bank of Oman (CBO). A 25-item questionnaire on corporate Omanization policies and practices along with other related factors that have been instrumental in promoting Omanization in the banking sector was designed on a Liken scale. This instrument was distributed to the banking sector in the Sultanate of Oman. Analysis of data from the banking sector indicated an overwhelming achievement of ninety one percent (91%) Omanization. This success is attributed to most of the 25-items in the questionnaire with CBO Omanization policy ranking the highest with a mean score of 3.9 on a 4-point scale. The findings of this study give an insight on Omanization in the banking sector. Lessons from the banking sector on Omanization can be learned and shared with other private sector industries for potential application and implementation.
Introduction
One of the fundamental objectives of Oman's strategic vision 2020 is to encourage, support and develop the role of the private sector into a major driving force of the national economy. In Oman's vision 2020 economic conference held in Muscat in June 1995, His Majesty's address to the nation clearly emphasized the need of the private sector to undertake an active role in the development of the economic process and the achievement of the national goals. To this effect, the government had taken the necessary steps to privatize a number of major economic activities in the country, whilst encouraging foreign investors. This privatization policy was directed as a measure of reducing dependency on the oil revenue, which constitutes around seventy percent of the total national revenue.
To catapult the spirit of privatization in Oman's economy, His Majesty designated two years, 1991 and 1992 as the "Year of Industry". Subsequently, 1998 was designated as the "Year of the Private sector". In its drive toward privatization, the government has provided the infrastructure along with the legal and institutional framework to facilitate the privatization process. In this regard, the private sector is encouraged...