Bank Muscat, the flagship financial services provider in the Sultanate, as part of its ‘Let’s Do More’ vision and commitment to partnership in sustainable development, extended support to the 3rd Business Opportunities Forum organized by Oman Chamber of Commerce and Industry under the auspices of HH Sayyid Haitham bin Tareq Al Said, Minister of Heritage and Culture. The 2-day event held at Oman International Exhibition Centre highlighted the investment opportunities in Oman.
In appreciation of the continuing support to the forum, Bank Muscat was honoured at the event. HH Sayyid Haitham bin Tareq Al Said presented the commendation memento to Sulaiman Al Harthy, Group General Manager – Islamic Banking. As the leading bank in the Sultanate, Bank Muscat seizes every opportunity to complement the government efforts in boosting economic development in all sectors, including SMEs. The support to the forum came within the bank’s strategy to promote sustainable development in Oman.
The forum was an opportunity for Omani companies, including SMEs, to promote their products and services and also network with investors and businessmen form Oman and abroad. Bank Muscat najahi products and services targeted at micro and small businesses in Oman were also showcased at the forum.
Facilitating financial inclusion, the Bank Muscat najahi products and services are today making a vital difference in the good performance of micro and small businesses in Oman. Creating a positive impact on the community and the nation, najahi is helping them to overcome hurdles and chart successful ventures with proper planning, financial discipline and prudent management.
Securing credit without collaterals and accessing innovative banking services have been hurdles faced by micro and small businesses. The specially designed najahi products mainly include credit facilities without collaterals to develop and grow micro and small businesses. With najahi, Bank Muscat fulfills the primary need of finance for the micro and small business segment.
The najahi Business Debit Card offers a daily withdrawal limit of RO 1000. The higher withdrawal limit helps customers to meet day-to-day cash requirements. Maintaining cash flow is a challenge faced by small businesses. Addressing this critical need, Bank Muscat launched the first-of-its-kind najahi Flexi Loan facility. For very short term financing, the bank launched najahi point of sale (PoS) receivables financing. The specially designed short-term finance facilitates the working capital requirements of small businesses and helps maintain the cash flow.
The first-of-its-kind najahi suite of products and services launched by Bank Muscat as part of its commitment to encourage entrepreneurial initiatives, has become a big hit with micro and small businesses, encouraging Omani youth to embark on entrepreneurial pursuits and thereby make vital contributions to the economy.
Bank Muscat has launched a series of initiatives to strengthen the SME sector in Oman. Serving as building blocks for entrepreneurs, these initiatives assume importance in the backdrop of the priority accorded by the government to develop the SME sector in Oman.