Muscat – The Finance and Insurance Committee of the Oman Chamber of Commerce and Industry (OCCI) discussed proposals to enhance the efficiency of the financial sector and support the sustainability of private enterprises during a meeting held in Muscat on Sunday.

The meeting, chaired by Mustafa bin Ahmed Salman, chairman of the committee, reviewed a number of initiatives aimed at addressing current economic challenges and their impact on various sectors. It was attended by several members of the committee.

Among the key topics discussed was a proposal to provide personal loan facilities for employees of small and medium enterprises (SMEs), in an effort to ease the difficulties they face in accessing financing while also addressing challenges encountered by banks in extending credit.

The committee also reviewed several proposals, including the design of a financing product based on individual income, the preparation of a comprehensive study supported by accurate sector data, and the formation of a specialised task force – including a legal expert – to examine regulatory aspects.

With regard to the insurance sector, the committee discussed the major challenges facing insurance companies under current market conditions and proposed studying the possibility of merging similar firms to enhance efficiency and sustainability. It also stressed the importance of activating the role of government entities and associations in raising awareness about the importance of insurance.

Members further discussed a proposal to organise a specialised seminar on Islamic finance, noting the growing interest among investment entities in investing in Oman’s Islamic finance sector, which could open wider opportunities for growth in the field.