Financial inclusion has been identified as a crucial enabler for a number of the Sustainable Development Goals for the global economy set by the United Nations in 2015. In line with its crucial role in the financial services sector in Oman and its pioneering achievements in social responsibility, Bank Muscat launched the Woqar Banking Package in 2020 after studying in great detail and understanding the needs of retirees who were earlier working in both government and private institutions.
Earlier, the pensioner segment in Oman was not served by any bank for flexible-term finance or credit cards based on their pension. Bank Muscat became the first bank in Oman to extend a financing solution for pensioners in the country in 2020. It must also be noted that apart from Woqar, the bank also helped retirees adjust to the challenges by restructuring their loans.
Abdullah Tamman al Mashani, deputy general manager – Institutional Sales & Products Development, Bank Muscat, said, “It is important for both individuals and businesses to have access to financial products and services that meet their needs like transactions, payments, savings, credit and insurance, which are delivered in a responsible and sustainable way. This is all the more important in the case of groups that traditionally fall short of the financial inclusion net.
“Through the launch of Woqar in 2020, Bank Muscat reiterated its commitment to provide innovative banking services to all members of society. The new banking package has been reinforcing the other supportive actions undertaken by the bank to help the retiree segment adjust to the challenges brought about by the global COVID-19 pandemic.”
Flexible-term loans starting at 3.75 per cent and with tenors ranging from one to 10 years are a key part of the Woqar banking package. Loan facilities are available for pensioners up to 70 years of age. The bank has been encouraged by the large number of queries and applications that have come from across the sultanate after the launch of this new product.
By addressing the financial inclusivity needs of this customer segment, the bank hopes to further improve living standards for all segments of society. Customers can get more information about Woqar products by visiting any of the bank’s branches across the sultanate or by contacting the call centre on 24795555 or going to https://www.bankmuscat.com/en/loans/Pages/details.aspx#woqar.
The Woqar package and other measures to support pensioners including moratoriums on repayments and restructuring of loans is part of the bank’s strategy to further improve financial inclusion in the country.
Bank Muscat is continuously debuting new financial products and services targeting different sections of society in line with the changing needs of its customers and the nation’s progress and development. As the nation’s leading financial services provider, Bank Muscat attaches great importance to social responsibility initiatives in close alignment with the goals of Oman Vision 2040. The bank’s strategies are aimed at sustaining the country’s progress and development and improving financial inclusion for different segments of society.