Banking & Finance
Bank Muscat’s Money Market Fund records highest industry annualised return
Bank Muscat’s Money Market Fund recorded the highest industry annualised return of 3.27% per annum (p.a.) during June 2019, higher than the typical call rate of 0.5%-2% p.a offered by banks in Oman, according to a statement released by the bank on Monday.
The Fund continues to deliver annualised returns of 3.3% p.a on a daily basis and is only one of its kind in the Sultanate to provide an alternative to the current account to both retail and institutional investors. It does not charge any entry or exit load to its investors.
The Fund has an unparalleled track record of having a positive return every day since inception in 2012 and together with Bank Muscat provides convenient sweep-in and sweep-out facility from investors’ account in the bank. This enables investors to invest and simply redeem from the Fund. The minimum investment in the Fund is OMR10,000.
READ: Bank Muscat best positioned to weather tight liquidity conditions: Moody’s
Abdullah Al Hinai, Chief Wholesale Banking & Strategic Growth Officer, Bank Muscat, said: “The Fund is attracting investors as a result of strong performance, no entry or exit load and daily liquidity. The assets of the Fund have increased by over 400% over the past one year due to the fund’s performance and increasing interest from investors on account of consistent increase in returns to about 3.3% p.a.”
-
Uncategorized2 months ago
Oman Oil Marketing Company partners with Ihsaan Association to support its activities
-
Alamaliktistaad Magazines4 weeks ago
Al-iktisaad, October 24
-
OER Magazines4 weeks ago
Signature, October 24
-
Commodities2 months ago
Gold Rangebound as Investors Brace for Key US Economic Data
-
Banking & Finance2 months ago
Apple Pay Officially Launched in Oman
-
Oil & Gas2 months ago
OQEP Appoints United Securities as Liquidity Provider Ahead of Landmark MSX Listing
-
Magazines3 weeks ago
OER, October 24
-
Lifestyle2 months ago
Royal Opera House Muscat Welcomes First Shows of its 2024/25 Season
You must be logged in to post a comment Login