Muscat – The Finance and Insurance Committee of Oman Chamber of Commerce and Industry (OCCI) reviewed progress on the unified insurance policy – aimed at standardising coverage and terms across all insurers in the sultanate – last week.

Chaired by Mustafa bin Salman bin Ahmed, Committee Head and OCCI Board Member,  the committee also examined bank fees and charges imposed on borrowers, stressing the need for a detailed study based on data from Central Bank of Oman. Officials noted that around 80% of companies in Oman are classified as small and medium enterprises, making the impact of such fees particularly significant.

The committee further discussed charges levied by commercial banks on SME accounts and considered holding a joint seminar with Oman Commercial Arbitration Centre to highlight its services in resolving financial disputes.

Members also reviewed a proposal for a dialogue session on financing challenges and personal loans to support the employment of Omanis in SMEs. Training initiatives for insurance sector workers were explored, including short- and long-term programmes and a professional diploma in insurance.