SICO BSC announced that it has expanded the size of its Board of Directors to 10 members from nine. Shaikh Waleed Khamis Al Hashar, CEO of Bank Muscat, has been appointed as non-independent Executive Director of the Bank. Bank Muscat, which owns a 10.38% stake in SICO has nominated Shaikh Waleed Khamis Al Hashar as its representative in SICO's Board after obtaining approval from the regulator.

The shareholders resolved in the extraordinary general meeting held on January 26, 2022, to expand the Board to 10 members and to appoint Shaikh Waleed Khamis Al Hashar as director. Shaikh Waleed Al Hashar is the Chief Executive Officer of Bank Muscat, a position that he has held since 2019. He is also a member of the Board of Directors of the Oman Center for Governance and Sustainability, The College of Banking and Financial Studies, and the Oman Banks Association.