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Bank Muscat makes top performing mutual funds available for online investment

27 Nov 2023

Muscat – Top performing mutual funds of Bank Muscat are now available for online investment. The bank recently enabled online subscription and redemption options for Bank Muscat Oryx Fund and Bank Muscat Money Market Fund.

Retail customers of Bank Muscat can now invest and redeem their investments in Bank Muscat Oryx Fund and Bank Muscat Money Market Fund through the bank’s mobile banking and internet banking platforms, according to a press statement.

Bank Muscat Oryx Fund and Bank Muscat Money Market Fund are the largest open-end funds listed on Muscat Stock Exchange and they have consistently been offering attractive returns to investors since their inception in 1994 and 2012, respectively.

Bank Muscat’s asset management division is the largest asset manager in Oman and one of the leading asset managers in the GCC region with approximately $2.6bn of assets under management.

Oryx Fund invests in equity securities listed in the GCC region and therefore is suitable for medium to long term investments, whereas Bank Muscat Money Market Fund invests in short term fixed income instruments and therefore is suitable for parking short term liquidity and earn attractive returns for each day the investment continues with the fund.

For reference, investors may choose to sell their investment in Bank Muscat’s funds anytime and receive cash funds in their bank accounts within 1 day for Bank Muscat Money Market Fund and within 3 days for Bank Muscat Oryx Fund.

The digitalisation of mutual fund offerings has significantly eased the process of investment into Bank Muscat’s mutual funds as investors may complete the entire process online from the comfort of their own place without the need to visit any of Bank Muscat branches.

Oryx Fund

Bank Muscat Oryx Fund primarily invests in equities securities in the GCC region and has a consistent and proven track record of generating attractive returns for 29 years. The fund is the second largest fund in the GCC region within its category and it is regulated by the Capital Market Authority as per the applicable laws and regulations in Oman.

Oryx Fund delivered a net return of 20.2% during the first eight months of 2023, outperforming the underlying benchmark by 17.3%. The fund delivered an average net return of 11.5% per annum over the last 10 years which translates into an aggregate return of 197% over this period.

Money Market Fund

Bank Muscat Money Market Fund, Oman’s only money market fund, offers an opportunity for investors to invest their short-term cash surpluses at an attractive rate of return. The fund is the largest open-end fund in Oman and it is regulated by the Capital Market Authority as per the applicable laws and regulations in Oman.

The fund primarily invests in bank deposits in the GCC region and short-term fixed income instruments of high-quality issuers (i.e. banks, government and government owned entities) in the GCC region. Accordingly, the investment in this fund is characterized as low risk while offering an attractive return proposition to investors.

The current rate of return offered by the Fund is 4.8% per annum as on September 12, 2023. This return provided by the fund is accrued to investors on a daily basis and is added to the amounts invested by them at the end of each day. Thus, investors earn their returns for each day of their investment starting from the date of their investment until the date of redemption. Further, there is no minimum investment period in this fund.

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