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Bank Muscat affirms readiness to play its role in supporting Oman Vision 2040

11 Jan 2021

On Monday, 11 January 2021, the Sultanate celebrates the first anniversary of its renewed Renaissance under the leadership of His Majesty Sultan Haitham Bin Tarik. His Majesty the Sultan has been leading a transformational phase in the country’s march with well thought-out efforts that have marked the beginning of the ambitious Oman Vision 2040. With the approval of His Majesty the Sultan, the Government is moving ahead with the 10th Five Year Plan. It is restructuring the state’s administrative apparatus and has announced a major fiscal rebalance plan that promotes economic stability. These steps aim to create the appropriate conditions and climate for the Oman Vision 2040 which stands on the pillars of People and Society, Economy and Development, Governance and Institutional Performance and the Environment. Playing its part, Bank Muscat, the leading financial services provider in Oman, is keenly providing the best banking services in the country and partners with various institutions for the implementation of national goals.

On behalf of the Board of Directors of Bank Muscat, the Management Team and employees, Sheikh Khalid Bin Mustahail Al Mashani, Chairman, said: “It is a great honour to express our most sincere wishes of good health and long life to His Majesty Sultan Haitham Bin Tarik. We pray to the Almighty Allah to protect His Majesty, grant him good health and continuous blessings. May the Almighty Allah safeguard Oman and its people and help Oman continue its Renewed Renaissance under his wise leadership. We renew our solemn pledge of loyalty and allegiance to His Majesty.”

Bank Muscat continues its support of the implementation of Oman Vision 2040 through its partnership with the government, private sector and the community. The bank provides various products and services to enable the engine of growth needed to achieve national development goals.  

Sustainability is a running theme in the Bank’s initiatives and activities, ensuring lasting positive benefits for the local community. In the recent past, the Bank jointly with the Ministry of Tourism and Heritage inaugurated the old village of Misfat al Abriyeen in the Wilayat of Al Hamra to boost heritage tourism and preserve the cultural heritage of Oman. Earlier in November 2020, the Bank celebrated the completion of the Al Khoudh Park project in the Wilayat of Seeb. The opening of the 15,000 square metre park, which was developed in partnership with the Muscat Municipality promotes tourism, leisure and physical activities, while also strengthening local communities and the society in general. 

As part of its support for Omani youth, the Bank continues its Green Sports programme, which has benefited 123 sports teams across the country, along with community-centric programmes like Tadhamun and financial awareness programmes like Maliyat and Irshad. Bank Muscat’s dedicated CSR and sustainability unit helps align its activities to Oman’s development goals and promotes strong partnerships with civil society and government institutions so as to serve Omani society in the best manner possible.

In alignment with the directives of the Central Bank of Oman, the Bank has been providing crucial assistance to impacted retail and corporate customers through restructuring and loan deferment options, waiver of transaction charges for digital transactions and new loans for micro-sized businesses affected by the pandemic. To support the Government’s steps to combat COVID-19, Bank Muscat contributed RO 1 million towards combating the impacts of the pandemic.

To enhance financial inclusion in the country, the Bank has expanded its network to a total of 172 branches, 467 ATMs, 125 CDMs and 185 other devices at present. Two Mobile Banking Units were also recently launched to improve financial access, especially in remote areas, labour camps and festival and exhibition sites. The Bank has also launched the Woqar Banking Package for pensioners in order to meet the needs and aspirations of pensioners.

At the end of 2020, the total number of Omanis working in the Bank rose to 3,577, reaching an Omanisation rate of 95%. The Bank provides a professional work environment based on fair and equal opportunity to all, state-of-the-art technology and global best practices in the financial services sector.

In recognition of its outstanding achievements in financial services, sustainability and corporate social responsibility, Bank Muscat won over 30 international and local awards and accolades in 2020. The Bank was listed as one of the ‘Top 100 Companies in the Middle East’ by Forbes Middle East after earlier being ranked among the Forbes Top 25 listed companies in Oman. In 2020, the Bank won the Best Bank in Oman from EMEA Finance and the Best Private Bank in Oman award from The Banker. The Bank has also been recognised as the Best Consumer Digital Bank in Oman. It won the Best Trade Finance Bank in Oman from Global Trade Review magazine and a number of awards from US-based Global Finance including being ranked as the Safest Bank in Oman. The rating was issued by the magazine as part of its ranking of the safest banks in 112 countries around the world.

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