Bank Muscat, the flagship financial services provider in the Sultanate, has taken major strides with a series of initiatives as part of a comprehensive strategy to support SMEs in Oman. The bank’s al Wathbah suite of tailor-made finance solutions include a unique SME financing to help entrepreneurs overcome challenges arising from the requirement of collateral guarantees. al Wathbah SME non-collateral finance not requiring collateral guarantee is a bold step affirming the bank’s commitment to encouraging an entrepreneurial culture in Oman.
The bank’s al Wathbah Academy marks a clear progression of the well-defined strategy pursued in line with the directives of His Majesty Sultan Qaboos bin Said to support the SME sector. The objective of al Wathbah Academy is to impart the required skills and guidance for entrepreneurs drawn from diverse fields to embark on successful SME business ventures. The 8-month training programme is offered in association with AMIDEAST, leading to accredited international certification by Project Management Institute (PMI).
The bank widened the scope of al Wathbah Academy training programme to benefit 30 participants this year, taking the total number of beneficiaries to 45 in the year of Oman’s 45th Renaissance anniversary. The Corporate Social Responsibility (CSR) initiative is aimed at equipping youth with self-employment skills boosting the country’s progress and development.
A unique mentoring programme for young entrepreneurs was organised by the bank under the direct supervision of AbdulRazak Ali Issa, Chief Executive. The beneficiaries drawn from diverse fields gained valuable guidance and skills to promote and establish their business ventures. Aimed at creating a successful generation of entrepreneurs, the CE mentoring programme was an initiative developed by the Ministry of Commerce and Industry.
al Wathbah Businesswomen’s Forum is a first-of-its-kind networking initiative to provide guidance and help for women entrepreneurs to develop the requisite attitude, skills and abilities for leadership in business. The main objective of the forum is to play an important role in filling the gaps and empowering Omani businesswomen to chart successful ventures.
al Wathbah SME TV is the first educational video channel in the banking sector in Oman launched with the sole objective of helping SMEs gain 24/7 access to vital information that help drive their business further. The primary objective of al Wathbah SME TV, accessible on Bank Muscat website, is to provide a common platform to educate and update SMEs on the latest rules, regulations, challenges and opportunities for SME business ventures.
The najahi suite of products from the bank offers a major boost for start-up and small businesses in Oman. The specially designed najahi products include unsecured credit facilities for the small business segment.
The bank also regularly conducts workshops and seminars to equip SMEs to identify business opportunities and tackle challenges. Serving as building blocks for existing and prospective entrepreneurs, these initiatives reiterate the bank’s commitment to create self-employment opportunities for youth who constitute more than 50 per cent of the country’s population.